Owji: Iran stands firm on Arash gas field share
$150b investment opportunities up for grabs in petchem industry
Iran’s Oil Minister Javad Owji on Sunday reaffirmed Tehran’s commitment to its share in the Arash gas field in the Persian Gulf.
Speaking at the opening ceremony of the 17th IranPlast International Exhibition in Tehran, the minister also expressed optimism regarding the resolution of issues concerning the Arash field through ongoing negotiations with Kuwait, IRNA reported.
He gave assurance that Iran remains steadfast in claiming its rightful share in the gas field.
The offshore gas field, known as Dorra in Kuwait and Saudi Arabia, has long been a source of contention between the three countries. The field is located in the neutral zone between the three Persian Gulf states.
Additionally, the Iranian oil minister emphasized the country’s determination to export oil unhindered. The minister reported that by the year’s end, nearly five petrochemical complexes would become operational in the country, significantly contributing to production.
Iran will export crude oil and gas condensates wherever it wants, Owji said, adding that 3.3 million barrels of oil and gas condensates currently produced in Iran per day are consumed inside the country or shipped abroad.
Pointing to the IranPlast International Exhibition, the minister said it is one of the top exhibitions in the region, adding the Oil Ministry’s umbrella is open to protect petrochemical companies and industrialists.
Shifting to the incumbent administration’s determination to collect associated petroleum gas and use APG as petrochemical complexes’ feedstock, Owji vowed that his ministry will prevent the burning of Iran’s national wealth at gas flares.
Investment opportunities
Speaking at the event, Iran’s National Petrochemical Company (NPC) managing director said 150-billion-dollar investment opportunities will be created in upstream, midstream, and downstream sectors of the country’s petrochemical industry by the end of the country’s 8th Development Plan (2031).
Morteza Shahmirzaei also noted that the twentyfold increase in the number of foreign participants of the 17th IranPlast International Exhibition means that “economic sanctions and threats have no place” in the petrochemical industry.
Iran has started a leaping and transformative move in its petrochemical industry, which creates value and job opportunities and boosts foreign currency inflow, he added.
Iran’s petrochemical output stood at nearly 1.5 million tons in 1977, said the NPC chief, adding the industry’s installed capacity has now topped 92 million tons per year in spite of war and reconstruction of petrochemical plants that on the whole lasted around 15 years.
The NPC CEO said Iran will become self-sufficient in producing catalysts by the end of the incumbent government’s term.
Based on the plans, he continued, all products and equipment of this industry will be indigenized.
The 17th IranPlast International Exhibition, which opened at the Tehran International Permanent Fairgrounds in the presence of a number of Iranian and foreign officials and experts, will run through September 20.
According to the exhibition director, Farid Dousti, 560 domestic and 210 foreign companies have participated in the exposition.