Minister: Iran signs oil contract worth $13bn

The Iranian petroleum minister says the country has signed the biggest ever contract in the nation’s oil history worth $13 billion.

“Fortunately, good investments have been made in oil production,” said Javad Oji on Sunday.

“Today, a contract was signed for 6 oil fields to boost output by 400,000 barrels per day, which will bring in $15 billion,” the minister added.

“We have donated around 400 trillion rials for the government’s community service projects,” he explained.

“Some projects will be unveiled in the second and third quarter of 2024” said the minister, adding, “The conclusion of these contracts will create some 66,000 job opportunities.”

This comes as the Islamic Republic has been under harsh US sanctions.

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