Speaking at the Tehran Chamber of Commerce meeting on Tuesday, he said government of President Hassan Rouhani has taken measures to revive oil and gas production capacities and, for example, achieved in increasing crude oil production for 200,000 barrels a day from 2,700,000 bpd in two years.
“Also export of petrochemical product was boosted from 5.2 million tons to 16 million tons last year.”
The deputy minister added that domestic oil industry needs an annual 20 to 25 billion dollars investment for crude oil production and that private sector can participate in the projects to increase output to 4.75 million bpd from the current 3.75 million bpd.
He explained the ministry’s plans to raise crude oil and condensate production capacity to 5.7 million bpd and said with investments in the upstream sector, gas production can reach 1.3 billion cubic meters per day.
“There are plans for export of daily 200 million cubic meters of gas from the existing 30 mbc by attracting private sector’s participation,” said Moazzami.
Stressing export of liquefied natural gas to neighboring countries rather to European markets, he said Iran will not put aside selling the product to Europe and added, “FLNGs are opportunities for the private sector.”
“The Petroleum Ministry is after attraction of foreign investment and joint ventures with the private sector in construction of refineries, petrochemical complexes, and purchase of shares overseas.”
According to Moazzami, there are some 67 petrochemical projects which are investment opportunities with a value of 30 billion dollars.
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