Iran’s petchem output value to hit $12b

TEHRAN, July 22 (MNA)-- “Iran’s petrochemical products volume will hit 35 million tons with total value of $12.2 billion by the end of current Iranian calendar year(started March 20,2008),” said petroleum minister here on Tuesday.

“By the end of the fifth socio-economic development plan this amount will rise to 65 million tons per year,” Gholamhossein Nozari explained.

 

New oil field discovered

 

Talking on the sidelines of the first petrochemical conference, Nozari said, “Currently Azadegan, Yadavaran, Darkhoin and South Pars are considered as strategic fields for oil and gas production, PIN reported.

 

“A new field entitled Arvand was discovered in Abadan’s suburb,” he added.  

 

Inpex to maintain its share in Azadegan

 

“Last week we received a letter from Japan’s Trade and Energy ministry in which Japanese confirmed that Inpex is willing to keep its 10 percent share in Azadegan oil field,” PIN reported.

 

He said Iran has declared that Inpex Company can keep and even increase its share in the mentioned oil field.

 

In 2004, the Japanese company agreed to invest in a $2 billion project to develop Azadegan oilfield. Iran cut Inpex’s share from 75 to 10 percent in 2006 due to the company’s delay in fulfilling its responsibilities under U.S. pressure.

 

Located 80 km west of Iran’s southern city of Ahwaz, Azadegan has proven oil reserves of 33 billion barrels and the capacity is anticipated to increase to 40 billion barrels.

 

MF/MRK

END

MNA

News Code 29059

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