Iran Launches $3 Billion Worth of Oil Projects in Hormuzgan

Date: 05 February 2023 - 21:43

News ID: ۱۱۲۱۲۱

TEHRAN – Iranian Minister of Petroleum Javad Owji on Sunday announced the exploitation and the start of executive operations of nearly $3 billion of oil project in the southern province of Hormuzgan.
“The implementation of the plan to improve the quality of heavy products of the Bandar Abbas oil refinery, in addition to preventing the outflow of hard currency, will make Iran self-sufficient in the production of sponge coke,” he said.
During the inauguration ceremony of Jey Oil bitumen production and storage plant on Saturday, Javad Owji referred to various investments in the field of oil and gas, adding: “Today, the operation and start of executive operations of projects in the upstream and downstream oil sectors worth about $3 billion begins.”
Pointing out that the bitumen production and storage plant was built with the efforts of our colleagues in the oil industry pension fund, he added: “Rls. 3,500 billion has been invested in this project.”
The petroleum minister pointed out the importance of providing bitumen for the implementation of construction projects in the country, and continued: “The bitumen produced in this plant is used in Hormuzgan and neighboring provinces and more than 60-70% of it will be exported.”
Sponge coke is one of the products which was previously imported to the country. It is used in the aluminum industry. With the start of the executive operation of this project with €2.2 billion of investment, in addition to supplying the domestic demand for the item, Iran has entered the fuel oil chain, the Bandar Abbas oil refinery will be the second refinery in the country that will no longer produce fuel oil.
Pointing out that 120,000 to 130,000 barrels of fuel oil are produced from the 350,000 barrels per day produced by the Bandar Abbas Oil Refinery, Owji stated: “By implementing this project with the technical knowledge of the Research Institute of Petroleum Industry (RIPI) and using the capabilities of domestic contractors, producers and builders, 8,000 people will be employed.”
The petroleum minister thanked the representatives of Hormuzgan province in the Islamic Consultative Council and the governor of the province for supporting the projects of the oil and gas industry in this province.
“We hope that this plan will be put into operation according to the schedule and in addition to preventing hard currency from leaving the country, Iran will become self-sufficient in production of key items.”