Friday, May 24, 2024

Oil ministry signed investment contracts worth $15.6bn in 6 months

Iranian Oil Minister Javad Owji says the ministry has signed investment agreements worth 15.6 billion dollars in the past six months.

In a tweet, Owji said these include 45 agreements and memoranda of understanding for investments in the fields of development of oil and natural gas fields, gathering of oil field flares’ gas, construction of transfer pipelines and improvement of refineries, among others.

The minister further stressed that 4.5 billion dollars of the investment will go into development of oil and gas fields by Iranian and foreign companies.

Owji said his ministry is also eyeing an agreement with a consortium of Iranian banks to fund the development project of one of the major oil fields and its downstream industries.

Iran has the largest combined reserves of hydrocarbons in the world with 33 trillion cubic meters of proved extractable natural gas and over 160 billion barrels of proved extractable crude oil.

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