17 January 2016 - 14:17
Iran to up oil output by 500k bpd

TEHRAN, Jan. 17 (MNA) – Deputy oil minister has assured that there exists no technical limitation on increasing oil production by 500 thousand barrels per day.

Roknodin Javadi expressed satisfaction towards the removal of cruel sanctions against the Iranian oil industry stating “an opportunity has emerged now for acceleration of development in the country which will exert far-reaching effects on oil industry as well.”

Referring to the positive outcomes of the lifting of sanctions, Javadi asserted “top priorities of the National Iranian Oil Company (NIOC) include increasing crude exports, development as well as attracting investment and technology from the global market.”

Managing director of NIOC pointed out the plan to increase oil output by 500 thousand barrels per day as the first stage after the implementation of JCPOA; “currently, the barriers faced by banks are being scrutinized since the process might take a few weeks before being fully operational.”

“No technical obstacles are perceived in rising oil production especially with regard to aging pipelines or oil facilities,” stressed Javadi estimating that the for oil deal within the framework of IPC will be signed half way through the next Iranian calendar year (to begin on March 21, 2016).

Deputy oil minister urged international oil companies to take more explicit and serious measures in this regard.

Roknodin Javadi, in a message to the employees of NIOC, said “we need to work harder to take the new opportunity created as a result of sanctions removal.”

 

HA/3026533

 

News Code 113642

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