Iran to spend $250 billion until 2031 on its oil industry

According to Iranian Oil Minister Javad Owji, the government has plans to invest almost $250 billion in its huge oil and gas industry through 2031.

Iran (IMNA) - On Wednesday, Owji delivered the remarks while speaking at the Organization of Petroleum Exporting Countries' (8th) International Seminar in Vienna, Austria.

He said that over the previous two years, Iran has negotiated oil and gas contracts with local and international businesses totaling over $40 billion.

According to the minister, US sanctions that prevent Iran from accessing international investment and technology have had no impact on the country's intentions to maintain and expand its petroleum infrastructure.

Iran to spend $250 billion until 2031 on its oil industry

Without the assistance of outside specialists, Iran now expands and repairs its oil and gas refineries, he claimed.

According to experts, despite US sanctions on Iran being in effect since the beginning of 2018, the country has been able to build its enormous petroleum industry.

They contend that recent significant growth in the Iranian natural gas industry has made up for the country's comparatively low crude oil production and export levels.

Iran presently produces over 3.8 million barrels of crude oil per day (bpd) and more than 1 billion cubic meters of natural gas per day. The nation also depends heavily on hard currency income from its petrochemical sector. It has around 10 operating oil refineries and 21 active natural gas refineries.

Iranian oil shipments have reportedly surpassed 2 million barrels per day (bpd) in recent months, according to estimates from global tanker monitoring services, despite the fact that the country is still barred from participating in the global oil market because of US sanctions.

News ID 671640


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