Iran Reports Oil Investments Despite Pandemic, US Sanctions

Over US$10 billion worth of investment has been made in Iran’s oil, gas and petrochemical industries during the first five months of the current Iranian calendar year (20 March - 21 August) despite the problems and limitations caused by the coronavirus pandemic and the US sanctions.

As reported by IRNA, since the beginning of the current year, 10 oil, gas, and petrochemical projects have been put into operation, with a total investment of US$5.11 billion, plus €4.66 billion (US$5.2 billion) as well as IRR 8,000 billion (US$33.3 million).

In addition to the mentioned inaugurated projects, the government also plans to inaugurate 17 petrochemical projects by the end of this year which has caused this year to be called the “golden year of the petrochemical industry”.

Once the new plants are inaugurated, the country’s petrochemical output will reach 100 million tons a year which will bring the country some US$25 billion annually. The government also plans to inaugurate an oil terminal out of the Persian Gulf waters on the Gulf of Oman by March 20, 2021, so that the country will no longer have to use the Strait of Hormuz for the exports of its oil.

The construction project of the new oil terminal in Mokran and a pipeline for the transfer of oil from Goureh to Jask was inaugurated on June 26.  Some US$2 billion has been allocated to the project which is expected to create 4,000 new jobs.

Back in August, the head of Iran’s Petroleum Engineering and Development Company (PEDEC) said that considering progress in Goureh-Jask oil pipeline project, the National Iranian Oil Company (NIOC) will be able to export its first oil cargo from Jask terminal by the end of the current Iranian calendar year (March 2021). The pipeline will transfer one million barrels of heavy and light crude oils per day to Jask oil terminal in the southern Hormuzgan Province to be exported. - Tehran Times