TEHRAN (Iran News) Speaking at the opening ceremony of the 26th Ministerial Meeting of the Gas Exporting Countries Forum (GECF) at the Espinas Palace Hotel in Tehran, Paknejad highlighted the significance of the forum as a leading international event in the global gas industry.”Oil minister”

“This meeting is a good opportunity for exchange of views among the member and observer countries of the forum, as well as experts and specialists in the gas industry so that the bright horizons of cooperation can be shared and strengthened even more than before,” he said.

Paknejad noted that natural gas now constitutes over 70% of Iran’s energy consumption mix.

He emphasized Iran’s strategic focus on leveraging domestic and international capacities to boost gas production, optimize consumption, and improve energy efficiency.

The minister also reiterated Iran’s commitment to environmental sustainability.

“While maximizing the use of its natural gas resources, Iran remains dedicated to eco-friendly practices. Additionally, Iran is determined to lead in developing technologies and methods that enhance gas extraction and utilization efficiency while minimizing environmental impact,” he stated.

The GECF Ministerial Meeting gathers representatives from major gas exporting nations to discuss strategies, share insights, and strengthen collaboration in the global energy sector.

“This meeting is a good opportunity for exchange of views among the member and observer countries of the forum, as well as experts and specialists in the gas industry so that the bright horizons of cooperation can be shared and strengthened even more than before,” he said.

Paknejad noted that natural gas now constitutes over 70% of Iran’s energy consumption mix.

He emphasized Iran’s strategic focus on leveraging domestic and international capacities to boost gas production, optimize consumption, and improve energy efficiency.

The minister also reiterated Iran’s commitment to environmental sustainability.

“While maximizing the use of its natural gas resources, Iran remains dedicated to eco-friendly practices. Additionally, Iran is determined to lead in developing technologies and methods that enhance gas extraction and utilization efficiency while minimizing environmental impact,” he stated.

The GECF Ministerial Meeting gathers representatives from major gas exporting nations to discuss strategies, share insights, and strengthen collaboration in the global energy sector.

The post Iran’s annual gas production reaches 275 bcm: Oil minister appeared first on Iran News Daily.

Addressing a meeting with the executives of petrochemical compounds and members of the energy committee of the Iranian parliament, said: “Due to various reasons, in the past years, sufficient investment has not been made for gas production and we have not reached the goals foreseen in the sixth development plan.”

He said the demand for consumption is constantly increasing in all consumption sectors, including household, power plant and industries, and on the other hand, a drop in pressure and the subsequent drop in gas production in the country’s gas fields every year is seen.

He pointed out that in these years, due to the spread of coronavirus and the decrease in economic growth, no significant investment has been made in the gas industry, and the war between Russia and Ukraine, along with these factors, has caused a sudden increase in global gas prices.

“Estimates of the increase in gas prices show that this situation will take a long time, and the increase in gas production is not sufficient to meet the demand of consumers, and new investments will take years to reach fruition,” Mr. Owji went on to add.

Emphasizing that there is a need for significant investment in Iran due to the imbalance of gas in the cold season, the petroleum minister said: “In these decades, we have only invested in the upstream sector of the petrochemical industry while production and export of raw and semi-raw materials are not economical given the current circumstances. Why should 70% of petrochemical products be exported in crude and semi-crude form and only 30% enter the domestic value chain? Our emphasis is that this rate should be reversed.”

Meanwhile Hoshang Fallahtian, the Deputy Oil Minister for Planning, said the production capacity of the petrochemical industry will increase from currently 94 million tons per year to 140 million tons by 2025, adding that Iran’s petrochemical industry will rake in millions of dollars once new petrochemical compounds come online in the country by 2025, which will dwarf revenues from export of gas condensate.

The post Oil Minister Voices Support for Petchem Industry appeared first on Iran News Daily.

Speaking during a visit to the western province of Kohgiluyeh and Boyer-Ahmad on Friday, Mr. Owji said the province sits atop 13% of the country’s oil and gas reserves, adding, “We will start the development and maintenance plans of Gachsaran 1 and 2 oil fields, Gachsaran 3 and 4 oil fields and Bibi Hakimeh field with an increase in production by 40,000 barrels per day and the investment volume of these three fields is about €260 million Euros.”

Owji announced that the projects will begin in the coming weeks and will be operational in two and a half years.

He also said over 62 corporate social responsibility plans are scheduled to be implemented in Kohgiluyeh and Boyer-Ahmad.

During a visit to the province on Friday, Owji said the province’s oil production capacity stands at 620,000 b/d while it sits atop 13% of the country’s oil reserves.

Emphasizing the need to support the people living in the areas where the oil industry operates, the Minister of Petroleum stated: “More than 62 social responsibility projects are being implemented in Kohgiluyeh and Boyer-Ahmad.”

“I believe that industrial towns have a good capacity, and if the oil industry is to develop, the power of these towns must be used,” Owji said.

He further said, “Given the efforts of the Persian Gulf Petrochemical Industries Company (PGPIC) and the allocated credit, I promise you that this project will be operational by September 2022.”

Owji, stating that the operation of this project will create employment and favorable income for the province, also referred to the development of the petrochemical chain, and said: “Part of the ethylene produced by Gachsaran Petrochemical Complex will be used to feed the petrochemical unit located next to this complex.”

He announced the annual production capacity of this petrochemical complex as one million to one million and 200 thousand tons of ethylene, noting: “The proposal to build a petrochemical unit next to this complex has been given to help eliminate poverty in the county.”

The post Completing Unfinished Projects, Main MOP Agenda appeared first on Iran News Daily.

Speaking to the press on the sidelines of a visit to the South Pars complex in Assalouyeh on Friday, Oji mentioned the South Pars Phase 14 Refinery as the last refinery of the complex to go operational and said: “our colleagues have promised that the first train of the refinery will be put into operation this winter and will add gas to the country’s network.”

As Shana reported, the minister underlined the significant role of the South Pars complex in supplying the country’s natural gas needs and noted that 70 percent of the country’s gas needs are met by South Pars.

Oji expressed hope that with the decisions taken this year, the maximum production and extraction of gas from the South Pars joint field will be achieved.

South Pars Phase 14 development project is aimed at producing 56.6 million cubic meters per day of rich gas, 75,000 barrels per day of gas condensate, 400 tons per day of sulfur, one million tons per year of liquefied petroleum gas and one million tons per year of ethane to be fed to petrochemical plants.

Back in October 2020, the operator of the South Pars Phase 14 development project had said the project’s onshore refinery was scheduled to be fully operational by the first half of the current Iranian calendar year (September 2021), however, the coronavirus pandemic caused some delay in the project.

The huge South Pars field, which Iran shares with Qatar in the Persian Gulf, covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran’s territorial waters. The remaining 6,000 square kilometers, called North Dome, are situated in Qatar’s territorial waters.

The field is estimated to contain a significant amount of natural gas, accounting for about eight percent of the world’s reserves, and approximately 18 billion barrels of condensate.

The post 1st train of SP phase 14 refinery to go operational this winter appeared first on Iran News Daily.

Owji said on Thursday on his first day of work in the Oil Ministry that Iran would seek to increase its crude exports amid a recovery in international demand for oil that has been caused by accelerating vaccinations against the coronavirus.

He said that Iran will not hesitate to retake its share of the global oil markets some three years after the country’s crude exports came under extensive US sanctions.

“Demand for oil is rebounding due to vaccination(s) and undoubtedly one of our plans is to consolidate Iran’s position in OPEC and to retake our market shares,” said Owji in remarks covered by the Oil Ministry’s news service Shana.

Owji said that an upcoming meeting of OPEC and allied producers, a grouping known as the OPEC+, will discuss Iran’s return to the oil markets.

He said the ministry under his watch would also seek to find new markets for Iranian oil.

“Identifying new markets will also be top on our agenda and we will regain whatever is deemed as a right for the Islamic Republic of Iran,” said the new minister.

He also called for the serious determination and presence of the industry’s staff to overcome the crises and challenges facing the country’s oil and gas industry.

Speculators expect an imminent return for the Iranian oil to the global markets if the country reaches an agreement with world powers to revive a 2015 international nuclear deal.

Owji has replaced former Oil minister Bijan Namdar Zanganeh after being approved by the Iranian parliament. He gained the confidence of 198 out of 286 lawmakers in the legislature during a vote held on Wednesday where 70 lawmakers voted against his appointment to the post and 18 lawmakers abstained.

Owji’s notable positions in oil industry management in Iran include serving as deputy oil minister and head of the National Iranian Gas Company.

The post Oil Minister Vows to Consolidate Iran OPEC Status appeared first on Iran News Daily.

The published plan is comprised of five separate sections including an introduction, some documents related to the oil industry’s upstream sector, major challenges facing the oil industry, urgent measures to be taken in the oil industry, and finally strategic steps based on the industry priorities.

“Factors affecting the oil industry that are closely related to each other can be classified as executive and organizational, economic, legal, political, technical and environmental, all of which should be addressed properly,” Owji has said in his plan’s introduction section.

“By reforming the structure and insights, the oil industry can play an important role in improving the business environment for real economic entrepreneurs and attracting investors,” the candidate has said.

One of the main pillars of achieving the goals of the Oil Ministry is to focus on implementing the policies of the resilient economy, paying special attention to the fight against corruption, reforming procedures and structures in line with the general policies of Article 44 and with emphasis on downsizing and reducing government ownership, the introduction read.

The official had previously underlined the establishment of strong diplomacy and bolstering international relations as a major priority for the Oil Ministry if he takes office.

Paying special attention to diplomacy with a focus on trading oil, gas, petrochemical products, and export of technical and engineering services, interacting with neighboring countries to reduce tariffs and find suitable solutions are the major axis of his international agenda.

Moreover, Owji has said he will be deeply focused on expanding bilateral or multilateral agreements with target countries by tapping the capacities of international and regional organizations, including the Organization of the Petroleum Exporting Countries (OPEC), the Gas Exporting Countries Forum, etc.

The official is also cognizant of modifying the consumption pattern of gas and oil products using Articles 12 and 13 of the Law on Removing Barriers to Production.

Development and implementation of energy diplomacy document in cooperation with relevant institutions, maintaining and increasing Iran’s status in OPEC, and expanding cooperation with neighboring countries, the Persian Gulf nations, and the Caspian Sea countries in the field of exploration, production, and joint venture capital are other areas that Owji’s team will be specially focused upon during his tenure as the Iranian Oil Minister under Ebrahim Raeisi’s administration.

Encouraging foreign investment for exports in the mid and downstream sectors and increasing the export of petroleum products to neighboring countries, as well as ensuring active support for boosting export of technology and engineering services of Iranian companies to neighboring countries are other areas of attention for the candidate.

The post Oil minister candidate releases future plans appeared first on Iran News Daily.

Addressing the opening ceremony of the Oil and Gas Industry Innovation and Technology Park, Zanganeh said almost 80 percent of remarks in the country are nonsense, reiterating that the most important factor in the industrial development is the entrepreneur and not the scientists because this is the entrepreneur and innovative person who makes an enterprise successful and this is seen among the youths.

He said in his days in the oil industry he has done a great deal for developing technology, and reiterated that the most important issue is the approach and vision.

Zanganeh went on to say that today the oil industry has no problem in the field of education and good forces are trained. He went on to say that start-ups are crucial in optimizing the oil industry in different fields of engineering and technology. He noted that the government pays annually $70b of subsidies for the energy sector.

He noted that 1.5m barrels of liquid fuel is consumed domestically which makes 540m barrels per year and with the current price of $65 for per barrel of oil, it will make $35b per year.

Zanganeh also said that gas consumption in the country is around 300b cubic meters per year and with the price of 16 cents per cubic meter of gas, it will cost the country $37b. He stated so the government just pays around $70b of subsidies for these two energy items and if the subsidy for electricity is added, the figure will be amazing.

He added that launching such parks and paying attention to the startups can boost the oil industry in the country.

Meanwhile on the sidelines of the ceremony, he once again reiterated that hiking the price of gasoline in November 2019 was not a unilateral decision by the government but it was decided by all three branches of the establishment and which was endorsed by the Leader and the establishment.

Meanwhile five cooperation agreements were signed between the Oil Industry Innovation and Technology Park with the Ministry of Science, Isfahan Scientific and Research Development, Shiraz University of Technology and Amirkabir University of Science and Technology.

The agreements were signed on Monday, on the sidelines of the opening of the Oil Industry Innovation and Technology Park.

The first agreement was the Technology Grant Agreement, which was signed between the Oil Industry Innovation and Technology Park and the Ministry of Science, Research and Technology.

Then, the agreement to establish a joint campus between the Park and Isfahan Scientific and Research Development and then, three agreements on the establishment of a joint innovation and growth center, were signed between the Park and Shiraz University of Science, and Amir Kabir University of Technology.

The Oil Industry Innovation and Technology Park, which was established with the support of the Ministry of Petroleum and with the aim of developing technologies and expanding constructive cooperation between ecological innovators and technologists related to this industry, was inaugurated this morning (Monday, June 14) in the presence of the Minister of Petroleum, Deputy Minister of Science and Technology and a group of senior oil industry executives and industrialists.

The post Gov’t Paying $70b of Subsidies for Gas and Liquid Fuel appeared first on Iran News Daily.

The post No Halt in Iran’s Oil Output amid Pandemic: Minister appeared first on Iran News Daily.

IRAN NEWS ECONOMIC DESK

TEHRAN – Oil Minister Bijan Zanganeh in a message in his twitter account announced that 25^th International Oil, Gas, Refining, and Petrochemical Exhibition has been postponed due to the spike in the Coronavirus (COVID-19) virus.

In his message, he wrote that the ministry was to hold the exhibition on October 12-15 but due to the current condition in Tehran and the spike of COVID-19, it decided to postpone the event t another date.

Mr. Zanganeh noted that the ministry has observed the health ministry’s directives and restrictions regarding the Coronavirus and since the health of participants in the exhibition is the priority, the oil ministry decided to postpone this big oil event.

He added that since the country is involved in an economic war, the oil ministry was determined to display the capabilities of domestic industries related to the oil industry and it will reschedule the date of the event to another time which will be announced soon.

The post COVID-19 Postpones Iran Oil Exhibition appeared first on Iran News Daily.

IRAN NEWS ECONOMIC DESK

TEHRAN – Oil Minister Bijan Namdar Zanganeh yesterday reiterated that the ministry refutes reports that it is to increase the price of fuel oil.

Speaking on the sidelines of a ceremony for signing 13 oil agreements in Tehran, Zanganeh said that he does not know who is behind this allegation that the government is to increase the price of fuel oil, rejecting all allegations on price hike of the fuel oil.

On the shortage of liquefied gas in Sistan and Baluchistan Province, he said that unfortunately citizens of the province are facing shortage of the liquefied gas, adding that he has ordered for shipping more liquefied gas to the province to meet the demands of the residents, and this problem will be resolved soon.

On the value of the agreements signed in the ceremony, Zanganeh said that these agreements are valued at over 1500b tomans. He said that these 13 agreements can boost exploitation from the oil and gas fields.

He said some nine more agreements had been earlier signed, adding that now 50 percent of national oil reserves are under coverage of these researches and hundreds of students and experts are working on them and will present hundreds of papers and articles.

Zanganeh praised the role and value of universities, saying that their value is not less than oil production in those oil fields.

He went on to say that university and industry should work together and they are correlative, adding that all should be patient because universities are the transplanted heart of oil industry and this transplantation has happened now.

He said this time universities stepped forward for signing the deal voluntarily and they welcomed the ministry’s proposals.

He also blasted the monopoly, adding that monopolization is not a good thing and competition is valuable.

Zanganeh also said that some good and important agreements have been signed in the downstream of oil industry which need support in order that the country can possess license and knowhow.

He also pointed to the beginning of the Sacred Defense Week, saying that jihad should continue in all layers of the life and today the country is alive because of efforts of unknown jihadis who continued their endeavors after the eight-year war in different fields.

The post Oil Minister Reiterates No “Hike” in Fuel Oil Price appeared first on Iran News Daily.