Iran to inaugurate 64 projects by yearend: Oil minister

Iran’s oil minister on Saturday said 64 semi-finished and new projects, valued at $14.5 billion, will become operational and construction operations of 15 projects, valued at $14.3 billion, will begin by the yearend.

According to Tasnim news agency, Javad Owji made the remarks on the sidelines of his meeting with senior officials of the Ministry of Oil.

In spite of difficult conditions caused by the sanctions and other problems including financial supplies or supply of some sensitive and sophisticated equipment, the Ministry of Oil has incessantly invested in this strategic industry, he stated. 

The petrochemical industry has the lion’s share in the nearly-finished projects as 20 out of 64 small- and big projects belong to this sector, he said, adding that the National Iranian Oil Company (NIOC) stands top in terms of the number of projects whose construction operations will start in the current Persian calendar year (started March 21, 2023).

When it comes to the value of the projects, the NIOC and the National Iranian Oil Refining and Distribution Company (NIORDC) ranked first and second in terms of investment in old and new projects respectively, Owji stated.

The oil sector witnessed a 15.4 percent economic growth in autumn 2022, considerably increasing the country’s economic growth, he emphasized.

As investment in oil projects helps the national economy, lack of investment in this sector slows economic growth and causes major challenges, noted the minister, calling for responsible organizations to facilitate and take effective steps toward investment in the oil industry.

ME