Iranian Oil Minister Javad Oji said 32 projects in the oil sector with a total investment of US$4.6 billion have been completed and will soon start operating, as reported by
Tehran Times, a partner of TV BRICS.

Oji said 132 semi-finished projects with a total investment of US$28.5 billion have also been completed and commissioned in the last 33 months.

The minister said 50 new projects valued at over US$50 billion have been started, aimed at completing the value chain in the oil industry.

Oji said Iran recorded a 20 percent increase in oil and gas production in the previous Iranian calendar year 1402 (March 21, 2023-March 19, 2024), predicting a higher production this year.

“We made a great investment in the Iranian year of 1402 in upstream and downstream sectors and we completed semi-finished projects worth US$28 billion,” the official said.

The Petroleum Ministry has made effective investments throughout the year, the top official said, emphasising that new investments in partially completed oil projects are included in the comprehensive plan to increase production this year.

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