Owji: Iran to Launch Over 40 New Projects Worth $30bn

Date: 16 May 2022 - 22:06

News ID: ۱۰۲۶۴۲

TEHRAN (Shana) – Iran’s Minister of Petroleum Javad Owji on Monday announced that his ministry will launch more than 40 projects worth $30 billion this year.

The minister, who made the remarks on the sidelines of 26th International Oil, Gas, Refining and Petrochemical Exhibition, told reporters, “We will mainly rely on domestic companies for supplying equipment for the projects.”

He described the exhibition, aka Iran Oil Show, as one of the largest and most prestigious oil and gas events in the world and continued, “More than 1,200 domestic and foreign companies have participated in the exhibition this year.”

A great number of contracts and memorandums of understanding (MoUs) have been signed on the sidelines of the 26th International Oil, Gas, Refining and Petrochemical Exhibition, said Owji and added that this year’s Iran Oil Show got a greater welcome compared to the previous editions.

Touching upon the export of technical and engineering services underlined by President Seyyed Ebrahim Raisi, the minister said the Iranian manufacturers and knowledge-based companies have made great progress in recent years, enabling the country to take big strides toward exporting services.

President Visits 26th Iran Oil Show

On Monday, Iranian President Ebrahim Raisi paid a visit the 26th Iran International Oil, Gas, Refining and Petrochemical Exhibition, also called Iran Oil Show.

Minister of Petroleum Javad Owji also briefed the President on the latest developments in the oil industry, especially the activities and capabilities of knowledge-based companies in this field.

And also, Moshen Rezaei, the Iranian vice president for economic affairs, praised the innovations developed by the country’s downstream and upstream industries.

Rezaei, who was impressed by the products and achievements displayed at the 26th International Oil, Gas, Refining and Petrochemical Exhibition, described the downstream and upstream industries’ innovations as “great”.

The vice president, however, told reporters, “We are just at the beginning of the road and need to accelerate the industrialization process in the coming years.”

Iran Oil Show provides a good opportunity for unveiling the country’s technical achievements that will help speed up the process of industrialization, he continued.

Selling raw materials [namely crude oil] does not generate capital, noted Rezaei and added, “We have to fully meet our domestic needs and achieve self-sufficiency in innovations.”

The four-day Iran Oil Show 2022, which opened on Friday, is hosting 1,200 Iranian and 44 foreign companies or their agents.

Every year, the country hosts the international event in ‎different oil, gas, refining and petrochemical sectors. It is ‎among the most significant oil and gas events in the world ‎in terms of the number of participants and its diversity. ‎

The presence of top foreign companies, domestic producers, and industrialists provides a good opportunity for bilateral and multilateral cooperation.

Iran sits atop 11 percent of oil and 18 percent of gas reserves in the world.