Iran Launches $1bn Project at South Pars Gas Field

Date: 29 August 2022 - 21:38

News ID: ۱۰۶۳۱۳

TEHRAN - Iran’s Petroleum Minister Javad Owji says one billion dollars’ worth of projects became operational in the massive South Pars gas field on Monday, adding that another two billion dollars’ worth of projects will be launched in the near future.
Speaking at the launching ceremony of the projects in Boushehr province, Owji added that the province accounts for 70 percent of Iran’s natural gas output.
He said investments are also sought to complete the petrochemical cycle in Bushehr to capture flare gases.
The minister added that an agreement has also been signed with Russia’s state energy giant Gazprom for the development of the North Pars natural gas field.
Meanwhile, the managing director of the National Iranian Oil Company Mohsen Khojasteh Mehr said at the ceremony that the South Pars field is now producing 705 million cubic meters of natural gas.
Khojasteh Mehr said this includes the 28 million cubic meters of natural gas which is now added to the overall output thanks to the new pipeline from Phase 16 of the project that was launched.
And also Owji said Iran’s export of liquefied petroleum gas (LPG) saw a 20% rise in the first year of President Seyed Ebrahim Rayeesi’s office compared to a year earlier.
The minister of petroleum further said that the country would also become self-sufficient in production of propylene from propane in the near future.
After launching 27 social responsibility projects, he said: “We promise that launching of such projects will continue.”
Owji issued an order for the operation of phases 3, 4 and 5 of Iran LNG Company, and stated: “The liquefaction and sweetening units of this complex have not yet been completed, but the power generated by it is being injected into the power grid in Assalouyeh and Bushehr Province.
Referring to construction of the propylene from propane (PDH/PP) production project of Parsian Sepehr Refining and Pars Petrochemical Company, Owji emphasized: “One of the essential projects of the petrochemical industry is the conversion of propane to propylene, which is also important for the petrochemical supply chain.”
He added: “According to the planning, we will start construction of propylene production complexes from propane and in the next few years, we will reach self-sufficiency in this area; with this work, good employment will be provided in this region for the local forces and specialists of Bushehr province.”