SAEDNEWS: Mohsen Paknejad said all Iranian oil shipments at sea are managed under market conditions, with no unsold barrels remaining.
Petroleum Minister Mohsen Paknejad says that not a single barrel of unsold Iranian oil is left at sea, stressing that all shipments currently at sea are managed according to market conditions and precise planning.
Speaking to reporters on the sidelines of the cabinet session on Wednesday, Paknejad announced that approximately $700 million in new annual revenue will be generated following a major gas collection project that was inaugurated in south of Ilam Province last week.
The project, which involves an investment of $1.6 billion, is part of the Oil Ministry’s comprehensive plan to eliminate associated gas flaring within three years, he said.
The minister added that the completion of the MGL-3200 project in the West Karoon region and Khuzestan Province is also underway.
Paknejad expressed hope that within three years, the country will be able to collect 44.5 million cubic meters of associated gas per day.
These measures, in addition to reducing pollution and preventing resource waste, represent an important step toward boosting the productivity of the oil industry and achieving the country’s economic goals, he said.
