Iran’s role in intl. oil market unignorable

News ID: 4289286 -
TEHRAN, May 06 (MNA) – The Iranian oil minister said on Sunday that Iran’s role in the international oil market cannot be ignored, adding that Iran seeks reasonable price for crude oil in the market.

Speaking at the opening ceremony of the 23rd Iran International Oil, Gas, Refining and Petrochemical Exhibition (Iran Oil Show-2018) at Tehran International Permanent Fairground on Sunday morning, Iranian Oil Minister Bijan Zanganeh said Iran does not seek high oil prices to encourage oil producers and avoid market instability.

Stating that the oil industry in Iran acts like the engine of the Iranian economy, Zanganeh added that the oil industry can create economic mobility in addition to oil revenues.

According to Zanganeh, in past four years, 11,500 villages with 1.4 million households and 107 towns with 3 million households have joined the country’s gas network.  

He later said that the Oil Ministry has launched 34 projects worth $ 6 billion that can create more than 50,000 jobs.

The Iranian oil minister noted the country's gasoline production in the first quarter of last year was 62 million liters per day, while that volume reached 77 million liters in the first quarter of this year and will reach 96 million liters in the last quarter of this year.

Referring to the 3 oil contracts which were recently signed, the Iranian oil minister said more than 70 percent of the contracts were given to Iranian companies.

The exhibition that is sponsored by the Iranian Oil Ministry is among the most significant oil and gas events in the world in terms of the number of participants and its diversity, according to the website of the exhibition.

Some 1053 Iranian and 600 foreign companies are attending the four-day event in the north of Tehran.

KI/IRN82906700

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