TEHRAN - Iran’s oil minister said contracts for implementing eight projects worth $14 billion in joint oil and gas fields will be signed during the Ten-Day Dawn (February 1-11, marking the 45th anniversary of the victory of the Islamic Revolution).

Speaking in a cabinet session led by President Ebrahim Raisi, Javad Oji added that investment in the oil industry has considerably increased under the 13th administration, Shana reported.

He pointed to the implementation of 182 major projects in oil, gas, petrochemical, refining, and distribution sectors since the beginning of the current government administration, noting that 132 of the mentioned projects worth over $28.5 billion have become operational.

According to the minister, 15 upstream and downstream projects worth $2.2 billion have also been inaugurated and 50 others valued at $47.5 billion are underway.

A memorandum of understanding (MOU) on the feasibility of producing fuel from methanol has been also inked, mentioned Oji, adding the project’s execution will last two years.

He said a 1.2-million-barrel increase in daily oil production, a 50-million-cubic-meter rise in daily gas output, a 63-million-cubic-meter jump in daily crude gas refining capacity, a considerable increase in the collection of flare gas (equivalent to 10 mcm), and a 48,000-barrel rise in shared oil fields’ daily production are among the outcomes of the inaugurated projects.

EF/MA