Veep calls development of oil, gas fields top priority for gov’t
A meeting regarding the implementation plan for the pressure enhancement project of the South Pars gas field was held on Saturday in the presence of Vice President Mohammadreza Aref, where the latest coordination efforts and decisions related to the financial framework and agreement between the Ministry of Oil and the National Development Fund (NDF) were discussed.
Aref, speaking at the meeting attended by Oil Minister Mohsen Paknejad and NDF Head Hamid Pourmohammadi and related officials, praised the coordination between the Ministry of Oil and the fund in establishing the financial framework for the strategic pressure enhancement project of the South Pars
gas field.
He emphasized that the exploitation and development of joint oil and gas fields are among the top priorities and strategies of the current administration.
“The implementation of the pressure-boosting project is expected to improve morale in the oil industry and society, increase gross domestic production, and significantly contribute to job creation,” noted Aref.
The VP stressed the importance of expediting the implementation of this major project to enhance extraction and revenue generation.
Additionally, upon the VP’s directive, the NDF was instructed to provide all necessary support for investment or financing of the project, and the government was tasked with removing any administrative obstacles.
During the meeting, Paknejad, noted the constructive cooperation between his ministry and the NDF in securing financial agreements for this major national project and stated that productive meetings and negotiations have taken place, resulting in final agreements for financing six out of the seven hubs of the South Pars gas field pressure enhancement project.
“The project is expected to increase natural gas production capacity, supply feedstock for petrochemical companies, and significantly contribute to national revenue,” Paknejad added.
A report on the financial framework for the implementation plan of the South Pars gas field pressure enhancement project and the agreements between the NDF and the Ministry of Oil was also presented at the Saturday meeting.
The strategic pressure enhancement project of the South Pars gas field, with an $18-billion investment, is projected to generate 45 times the added-value from increased extraction. It will also create direct and indirect employment for 60,000 people.
Iran-Russia cooperation
Also, in an interview with ILNA on Wednesday, Paknejad stated, “We will not miss any opportunity to engage in international arenas and will use every chance to advance our interests through energy diplomacy.”
Following discussions on increasing import tariffs for Canada, some experts suggested that Iran could leverage emerging opportunities, particularly in the oil sector.
Paknejad added that the OPEC Secretary-General recently visited Iran and held extensive discussions on mutual cooperation. He noted, “As the Islamic Republic of Iran assists OPEC members, other members can also support Iran.”
Paknejad emphasized, “We use every opportunity to advance our interests through energy diplomacy.”
Regarding Iran-Russia cooperation in shared oil markets, he said, “We have ongoing projects in oil field development and trade with Russian companies, but I will not delve into details.”
When asked if similar cooperation exists with other countries, Paknejad responded,
“Certainly, yes.”