Iran’s Oil Minister Javad Owji said operations for completing 50 new projects worth $47.5 billion have started.

Owji made the announcement in Tuesday’s joint session with Seyyed Ahmadreza Dastgheyb, head of Iran’s Supreme Audit Court, at the Oil Ministry, where the minister described the two sides’ cooperation as good.

The projects are aimed at increasing production, said the oil minister, adding $76 billion have been so far invested for completing projects or starting their operations.

Owji explained that 132 projects, mainly partly-finished ones, have become operational up to now.

According to him, 48 projects came on stream in the previous Iranian calendar year, which ended on March 20, 2023, and the number of completed projects will hit 67 by March 19, 2024.

In 2021, the four main companies of the Oil Ministry were assigned to invest in some specific sectors and begin certain projects totaling 182, continued Owji.

Pointing to the ministry’s megaprojects, he said Phase 11 of the South Pars gas field and the refinery of SP Phase 14 were completed and put into operation within two years while both projects had made 64 percent progress in 12 years.

The project of SP Phase 16 pipeline was also completed, the minister continued, referring to power plant construction as another megaproject implemented during his tenure.  

Owji said the projects of Azadegan, Azar, Yaran, and Yadavaran oil fields, mostly located in the West Karoun cluster, have been either inaugurated or have been undergoing exploitation operations.

Shifting to associated petroleum gas (APG) collection, he stated the Oil Ministry has carried out good measures over the past two years.

According to the minister, 11.5 million cubic meters (mcm) of flare gas have been gathered within the period and 32 mcm will be captured next year.

Owji also said a $5.5 billion contract has been also signed to implement 54 APG collection projects.

Increase in refining capacity, gas transmission pipelines, petrochemical projects, oil, gas, gasoline production and exports, collection of oil revenues, and supply of gas to cities and villages are among other measures, the top official said, adding 98 percent of cities and 89 percent of villages have been supplied with gas.

Touching upon the oil industry’s economic growth, he said the figures released by the Statistical Center of Iran (SCI) showed the oil and gas sector registered a 25.6 percent growth in summer 2023.

Owji also pointed to increase in oil exports through great energy diplomacy his ministry has exercised, expressing his gratitude to President Seyyed Ebrahim Raeisi and the Foreign Ministry for their vital role in this regard and pointing to new markets the ministry has identified for selling oil and petrochemical products.

He also referred to technical and engineering services the ministry has been rendering, saying the Oil Ministry stood top in this area and the Presidential Department of Science, Technology and Knowledge-Based Economy certified that the Oil Ministry has made the maximum use of knowledge-based companies’ capabilities.