TEHRAN – Iranian Minister of Petroleum Javad Owji has said his ministry is planning to invest 4 billion dollars in the western province of Ilam to develop oil and energy projects.
Owji announced plans to invest about $2 billion in the upstream sector of the oil industry in Ilam province, and said: “Considering that $2 billion of the project is defined in the downstream sectors, thus a total of $4 billion over the next 4 to 5 years will be invested in the plans and projects of the oil industry of this province.”
Javad Owji, today (Friday, September 24) on the sidelines of a visit to Azar Oil Field Development Project, said a lot has been done to develop the field and a lot more is yet to come in the region.
He said: “Ilam Province sits atop about 3% of the country’s oil and gas reserves, a number of independent fields and 2 joint oil fields, and the Ministry of Petroleum has planned, through subsidiaries and the private sector, up to $2 billion of investment in the upstream sector of the oil industry of the province.”
Owji continued: “In the downstream sector, including the petrochemical industry and value chain complementary industries, over 2 billion dollars of projects have been defined; part of the projects will be bankrolled by the Ministry of Petroleum and its subsidiaries and another part will be supplied by tapping the Oil Pension Fund and the Persian Gulf Petrochemical Industries Company (PGPIC).”
Elsewhere in his address to the people of Ilam, Owji said the Iranian Ministry of Petroleum has planned to build a polypropylene (PP) park in the province adjacent to its refinery.
He said the ministry has promised to support Petrol Holding Company by Rls. 3,000 billion in the project which is hoped to come to fruition within the next 2 to 3 years.
The plan will need an investment of Rls. 17,000 billion which will be supplied by the Iranian Ministry of Petroleum, the private sector and the Oil Industry Pension Fund, he added.