China’s Investment in Iran Oil Sector
Speaking on the sidelines of a ceremony for signing a contract between the Petroleum Engineering and Development Company (PEDEC), Zanganeh refuted some allegations and reports on China’s mega investment in Iran’s oil industry, adding that he has never heard of it and he does not know where is the source of such a report. He reiterated that even the Chinese have not talked about it.
IRAN NEWS ECONOMIC DESK
He also reacted to some reports on the quality of domestic-produced gasoline, saying that whenever oil issues in the country become calm and settled, some people start such allegations.
Zanganeh went on to say that Saudi Arabia deliberately exaggerated about attacks on its oil facilities to advance certain political objectives.
He added that Iran had nothing to gain from attacks on oil processing plants east of Saudi Arabia on September 14, for which Yemen’s ruling militia-led government has claimed responsibility.
“I made the case from the beginning that Saudi Arabia exaggerated for political purposes,” said Zanganeh, adding, “The real story was not like this.”
Some authorities in Saudi Arabia, the world’s leading crude exporter, have blamed Iran for the attacks which initially cut the kingdom’s oil production in half.
Zanganeh rejected the claims while insisting that the attacks on Abqaiq and Khurais plants had no impact at all on Iran’s daily oil exports.
The minister stated the value of Iran’s petrochemical products would reach $37 billion by 2026.
He said that two leaps had been materialized in Iran’s petrochemical industry so far; the first leap took place in the 2010s and the second leap would take place by 2021.
Zanganeh also said that preparations had started for the third leap in the industry which would come to fruition by 2025.
Iran’s petrochemical revenues stood at 15 to 16 billion dollars after the first leap and are expected to reach $25 billion by the second leap.
Zangeneh added that by 2026, Iran’s petrochemical production capacity would exceed 130 million tons per year, generating $37 billion for the country.(China’s Investment in Iran Oil Sector )
