Oil Ministry to ink 9 contracts with domestic firms: Zanganeh

TEHRAN, Jul. 21 (MNA) – Iranian Oil Minister Bijan Namdar Zanganeh said his ministry will sign nine contracts with domestic companies in the oil industry in the near future.

"Soon, nine contracts for the maintenance and enhancement of oil production (EPC/EPD) will be signed with Iranian companies and the Oil Research and Technology Fund will be activated,” Zanganeh said on Monday on the sidelines of a ceremony to sign a contract for completing the development of South Azadegan Oilfield

He said the production capacity of petrochemical products and the Persian Gulf Star refinery will increase as well.

According to the minister, 25 million tons will be added to the country’s petrochemical production capacity this year, adding this would be marked as the largest output growth in the history of Iran’s petrochemical industry.

He also said the second petrochemical leap of the country will reach fruition almost by 2021 and the sector’s output would cross 100 million tons per year from currently 66 mt/y.

MNA/SHANA

News Code 161242

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