Iran to introduce 50 oil projects late October

BERLIN, Oct. 3 (MNA) – Iranian Deputy Oil Minister Roknodin Javadi said Iran has begun talks with the EU on exporting LNG, adding 50 new oil projects will be introduced to foreign companies later this month.

Iranian deputy oil minister and National Iranian Oil Managing Director Roknodin Javadi made the remarks in Iran Energy Investment Summit held in Berlin on Thursday, adding Iran plans to increase crude output by two million barrels a day and natural gas production by about seven billion standard cubic feet from about 50 energy projects that will be offered to investors at a conference in Tehran next month.

He predicted that with the completion of all 50 projects, 7 billion cubic feet of gas will be added to the country’s daily natural gas production.

Noting that potential investors will be asked to consider contracts over 20 to 25 years, Javadi added, “negotiations with EU member states over the export of gas through pipelines or LNG are underway.”

Javadi asserted that Iran plans to launch its first LNG unit with the capacity of an annual production of 10 million tons in two and a half years.

Javadi said Iran would hold a global oil and gas strategy conference in Tehran from October 19-21, adding “many of the projects will be presented at this conference”.

A day-long Iranian energy investment summit kicked off in Berlin on Thursday, attended by a high-level Iranian oil and gas delegation headed by Deputy Oil Minister Roknoddin Javadi. This conference addressed developments in Iran’s energy market and the challenges it faces within rapidly changing global market structures.

 

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