TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh said 17 new petrochemical plants are planned to be inaugurated across the country during the current Iranian calendar year (ends on March 20, 2021), Tasnim news agency reported.

Speaking in a meeting of the surge in production headquarters on Wednesday, Zanganeh noted that the implementation of the new projects is going to bring the country $6 million of revenues every year.

The current Iranian calendar year (began on March 20) is named as the year of “Pick up in Production” by the Leader of Islamic Revolution Seyed Ali Khamenei.

Considering the undeniable significance of the petrochemical industry in Iran’s resilient economy in the sanctions era, the Iranian Oil Ministry and the country’s National Petrochemical Company (NPC) have been taking major steps to facilitate further development of this industry in recent years.

According to the official, due to the high volume of investment and their need for advanced technology, the oil and gas industry projects will not just lead to the production of crude oil but will also create a large volume of construction all over the country.

He further mentioned the South Pars phase 11 development project, noting that an Iranian company is going to solely take over the project after China National Petroleum Corporation (CNPC) followed the French giant Total and left the project under the U.S. pressures.

The oil minister said it is high on the ministry’s agenda to complete the South Pars gas field projects.

Elsewhere in his remarks, Zanganeh noted that all the contracts which have been signed with domestic firms for the development of joint fields will be finalized by the end of the current calendar year.

In July 2017, French company Total signed a $1-billion deal to develop the South Pars gas field in cooperation with China National Petroleum Company (CNPC) and Iran’s Petro Pars.

However, in May 2018, the French company pulled out of the deal following the U.S. President Donald Trump’s decision for pulling his country out of the Iran nuclear deal.

Later, the CNPC formally replaced Total in the project, but it suspended investment in Iran later in December 2018 under U.S. pressures and finally left the project.

Located in southern Iran, South Pars is the world’s largest gas field which Iran shares with Qatar in the Persian Gulf waters.

EF/MA