Iran's Oil Minister Archives - Iran News Daily

68 Semi-Finished Projects to Go on Stream by Mid-March 2024

mahla — Tue, 18 Jul 2023 22:10:31 +0000

TEHRAN (Iran News) –Oil Minister said 68 semi-finished projects worth $15 billion will be put into operation by the end of the current Iranian calendar year (March 19, 2024).

Javad Owji, who made the announcement in the inauguration ceremony of Gachsaran olefin plant in the southwestern province of Kohgilouyeh and Boyer-Ahmad, added 130,000 barrels of oil and 40 million cubic meters of gas will be added to the country’s output when the projects come on stream.

Projects of Phase 2 of Abadan Refinery-Integrated Petrochemical Plant, refinery of Phase 14 of South Pars gas field, and associated petroleum gas (APG) collection were among those inaugurated in recent months, mentioned the minister, continuing the third olefin plant of the country was also put into operation today after long years.

He explained that APG of oil fields in southern Iran are processed at Persian Gulf Bidboland Gas Refinery and the produced ethane is transmitted to Gachsaran Petrochemical Complex.

He referred to the lengthy construction of Gachsaran Petrochemical Complex, lasting for 17 years, adding his ministry accelerated the implementation of the project in the past two years and managed once again to develop the country’s petrochemical value chain.

Owji said five more petrochemical projects will be inaugurated within the next eight months.

He also said South Pars Phase 11 will be ready soon for official inauguration in the presence of the president after a two-decade hiatus.

Given Kohgilouyeh and Boyer-Ahmad’s 92 billion barrels of oil in place (OIP), the southwestern province can produce 500,000-600,000 barrels per day (bpd), said the minister, continuing the Oil Ministry has planned oil and gas projects worth $2.6 billion for the province over the past two years.

According to him, Dehdasht Petrochemical Complex, whose feed is supplied by Gachsaran Petrochemical Complex, will become operational by mid-March 2025.

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Oil Minister Calls for Bolstering Energy Ties With Baku

mahla — Tue, 01 Jun 2021 05:47:00 +0000

TEHRAN (Iran News) – Oil Minister Calls for Bolstering Energy Ties With Baku. Oil Minister Bijan Zangeneh stressed the development of trade and gas relations between Iran and Azerbaijan.

During the Sunday meeting with Shahin Mustafayev, Deputy Prime Minister of Azerbaijan, who had traveled to Iran with the President of State Oil Company of the Azerbaijan Republic (SOCAR) and a business delegation, congratulated Azerbaijan on its National Day, saying: “Iran-Azerbaijan relations have grown in all fields well in recent years, culminating in the oil, gas and energy sectors in the development of joint fields in the Caspian Sea.”

The oil minister also stressed the development of trade relations with the Republic of Azerbaijan.

“I agree with you that our relations have developed in recent years due to the political will of the presidents of the two countries,” said Shahin Mustafayev, Deputy Prime Minister of Azerbaijan, during the meeting.

He added: “It is very important for us that after the collapse of the Soviet Union, the relations between the Republic of Azerbaijan and Iran have developed and Iran is one of our major partners in various fields.”

The Deputy Prime Minister of Azerbaijan stated: “Relations between the two countries have made significant and close progress in various fields, which can be shown through constructive talks.”

Mustafayev said: “One of these areas is cooperation in the oil and gas sector, in which some successes have been achieved. We also have a long history in the field of joint gas cooperation, and since 2004 the gas required by the Nakhichevan Autonomous Republic has been supplied by Iran and we appreciate that.”

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OPEC Stabilizing Crude Price Appreciated

reporter 1222 — Tue, 18 Aug 2020 04:20:40 +0000

TEHRAN (Iran News) – OPEC has managed to raise crude prices and stabilize the oil market, Iran’s Oil Minister Bijan Namdar Zanganeh said Monday.

“OPEC’s performance has been successful because the price of oil has risen from $16 in May to around $45 and has stabilized,” Zanganeh said at a briefing in Tehran.

The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, agreed on record output cuts to tackle the fallout from the COVID-19 pandemic, Reuters wrote.

Zanganeh also said four tankers whose fuel was seized by the US over the past month en route to Venezuela were carrying gasoline loaded in Iran.

“The cargoes were loaded from Iran, but neither the ships nor the cargoes belonged to Iran, and the US declared victory for itself in the middle of this,” Zanganeh said.

“The fuel was Iranian, but it had been sold to Venezuela and its payment had been cleared.”

The seizure was an unprecedented step by Washington, which said the ships contained 1.1 million barrels of petroleum.

It’s unclear where the ships were at the time of the seizures because they had all turned off their satellite-tracking systems to avoid detection, according to data compiled by Bloomberg. Neither is it clear whether the US still holds the vessels or has released them.

Two of the four Venezuela-bound ships are registered to the same address in Piraeus, Greece as the Wila, according to a United Nations database. All four are managed by the owner of the Wila or its offshoots, according to maritime intelligence company Lloyd’s List.

Iran has been exporting gasoline to Venezuela in defiance of US sanctions that are intended to choke off both nations’ oil revenue. Venezuela has the world’s largest crude reserves, but in recent years production has plummeted and its refineries have fallen into disrepair because of US sanctions.

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