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“During the last 3 years about $41 billion has been invested in the oil industry,” the petroleum minister said here on Monday.
Talking in a press conference, Gholam-Hossein Nozari referred to production as the primary goal of the petroleum ministry and added: “we hope to keep our 4,230,000 bpd production rate,” MNA reported.
“Currently Iran produces 500mm cubic meter of natural gas and 403,000 barrels of gas condensates per day,” he added.
“South Pars phase 5 will be inaugurated by the end of the current Iranian calendar year (March 20,2009). At present 7 phases of South Pars are under construction and we will decide about the other phases by the end of year,” the petroleum minister explained.
He went on to note that the implementation of 3 refineries has been started and the petroleum ministry plans to launch 4 other refineries, adding, “by completion of these 7 refineries Iran’s production capacity will reach 3,300,000 bpd.”
Nozari also expressed hope that 12 petrochemical projects will come on-stream by the end of the Iranian calendar year (March 20,2009)