Thursday, April 18, 2024

Iran launches new Phase of giant Gas Field in Persian Gulf

Iran has inaugurated Phase 14 of the South Pars Gas Field in the Persian Gulf during a ceremony attended by President Ebrahim Raisi.

This is a homegrown project and will produce a daily output of 50 million cubic meters of sweet gas, 400 tons of sulfur, and 75,000 barrels of gas condensates.

The phase is also going to produce 1 million tons of ethane and 1 million tons of liquefied petroleum gas (LPG) as petrochemical feedstock per annum.

During the opening ceremony, President Raisi described Phase 14 as the embodiment of Iran’s self-sufficiency.

He noted that the commodities produced by the refinery will put key segments of Iran’s oil and gas industry into operation.

Raisi added that Phase 14 of the South Pars Gas Field plays an important role in exports and bringing in foreign currencies.

Iran’s Oil Minister Javad Oji also spoke at the ceremony. He said Iran invested over 3 billion dollars for the purpose of launching the new refinery.

Oji added that 23 other projects worth 25 billion dollars are going to be implemented in the South Pars Gas Field.

The oil minister stressed that Iran will continue to extract gas from the field for 100 more years.

Oji also said this year, Iran produced the highest amount of the condensates ever.

The oil minister also noted that the foreign exchange earnings in the Iranian oil industry are higher than the country’s foreign exchange needs.

He vowed that this foreign exchange income will increase by the day.

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