Owji Says Iran Will Set New Oil Export Record in 2023-24

Oil Minister Javad Owji said that Iran will set a new record in oil exports in the new Iranian calendar year (March 2023-24).

Talking to Radio Eghtesad, the minister added that 83 million more oil barrels were exported in 1401 starting 21 March 2022, when compared to its preceding Iranian year, and nearly 190 more barrels were sold in comparison with the volume in 1399 running March 2020-2021.

The Ministry of Petroleum is among those organizations meeting the country’s foreign currency needs, said Owji, continuing, “Despite the ramp-up of brutal sanctions against Iran, crude oil, gas condensate, and petrochemical exports have hit new highs during the13th [Raisi] administration.”

Shifting to the objectives outlined in the country’s budget bill, he said the major part was done by the ministry last year and its obligations were fully accomplished in 1400 (March 2021-2022).

The minister described the industry’s production as “desirable”, recalling that Phase 2 of Abadan Refinery with a daily processing capacity of 210,000 barrels of oil was put into operation on the last day of the previous year, and also the refinery of South Pars Gas Field Phase 14 with a daily refining capacity of 50 million cubic meters came on stream.

Owji added the ministry has outlined plans to boost oil, gas, and petrochemical output, expressing hope that some projects will become operational this year and some next year. The government has drawn up plans to develop supplementary industries and complete value chain in petrochemical industry, continued the minister.

Iran has about 60 petrochemical complexes, stated the minister, explaining that their products are still raw and semi-processed while they need to go through the production cycle. - Shana