Owji said on Friday evening that 3 percent of Iran’s oil reserves and 11% of gas reserves are located in Ilam and currently 215,000 barrels per day of oil is being produced from the fields located in the province.

He announced the plans of the Ministry of Petroleum for the development of seven fields in the province, and added: “Tang-e-Bijar Field has a capacity of 6 million cubic meters, which is expected to reach 10 million cubic meters in the development plan; moreover the Ilam gas refining project is under way with 15% physical progress.”

He said three downstream projects including Ilam Petrochemical Plant, a polypropylene unit and value chain completion are on the agenda of the Ministry of Petroleum, which will be accompanied by the creation of a polypropylene park with an investment of Rls. 3,000 billion by the ministry and other investments.”

Owji announced implementation of gas supply plans to eight villages of Ilam by the end of the current calendar year, which began on March 21, and said: “117 projects in the form of social responsibility will be implemented by the Ministry of Petroleum at a cost of Rls. 1,000 billion. Besides, Rls. 1,000 billion will be invested by the Ministry to improve accident-prone roads.”

Referring to the characteristics of Changouleh Field, he added: “From an economic point of view, there is a difference between the experts of the Ministry of Petroleum and the Planning and Budget Organization, and if it is resolved, we are ready to provide the ground for the development of Changouleh.”

Owji also said his ministry is planning to invest 4 billion dollars in the western province of Ilam to develop oil and energy projects.

He announced plans to invest about $2 billion in the upstream sector of the oil industry in Ilam province, and said: “Considering that $2 billion of the project is defined in the downstream sectors, thus a total of $4 billion over the next 4 to 5 years will be invested in the plans and projects of the oil industry of this province.”

Speaking on the sidelines of a visit to Azar Oil Field Development Project, said a lot has been done to develop the field and a lot more is yet to come in the region.

He said: “Ilam Province sits atop about 3% of the country’s oil and gas reserves, a number of independent fields and 2 joint oil fields, and the Ministry of Petroleum has planned, through subsidiaries and the private sector, up to $2 billion of investment in the upstream sector of the oil industry of the province.”

Owji continued: “In the downstream sector, including the petrochemical industry and value chain complementary industries, over 2 billion dollars of projects have been defined; part of the projects will be bankrolled by the Ministry of Petroleum and its subsidiaries and another part will be supplied by tapping the Oil Pension Fund and the Persian Gulf Petrochemical Industries Company (PGPIC).”

Elsewhere in his address to the people of Ilam, Mr. Owji said the Iranian Ministry of Petroleum has planned to build a polypropylene (PP) park in the province adjacent to its refinery.

He said the ministry has promised to support Petrol Holding Company by Rls. 3,000 billion in the project which is hoped to come to fruition within the next 2 to 3 years.

The post Gov’t to Boost Oil Output in Ilam Province appeared first on Iran News Daily.

As per the agreement, the sides will also cooperate in technology transfer and the exchange of economic delegations, as well as providing the grounds for holding joint forums and exhibitions.

The Iranian and Iraqi delegations also agreed to gear up the efforts to help investors engage in joint projects in the two neighboring countries.

The post Iranian, Iraqi provinces sign MoU to boost economic ties appeared first on Iran News Daily.

 The provincial governor of Iraqi Wasit province said Mon. that Iraqi Prime Minister Adil Abdul-Mahdi has agreed to open a new border crossing with Iran in the province.

The post Iraqi PM agrees to open new border crossing with Iran appeared first on Iran News Daily.