This legislation which was approved today during the public session of Parliament tasks Petroleum Ministry with realizing the goal in a ten year period.
Under the Parliament legislations, Petroleum Ministry is also obliged to raise nameplate production capacity of petrochemical products to 100 million tons per year over the period while oil and gas condensate processing capacity should rise to at least 5 million barrels per day.
Iran shares many oil and gas fields in Persian Gulf and Caspian Sea with its neighbors.
Saudi Arabia, Kuwait, Qatar and United Arab Emirate in the south and littoral states of Caspian Sea in the north are Iran’s partners in a number of oil and gas fields including the largest independent gas field in the world in Persian Gulf which Iran shares with Qatar. Iran also shares a number of oil fields with Iraq in its western border.
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