News ID: 238498
Published: 0429 GMT February 05, 2019

Minister: SP phases' new refineries to be inaugurated in late Feb.

Minister: SP phases' new refineries to be inaugurated in late Feb.

Domestic Economy Desk

The refineries of the phases 13 and 22-24 of the South Pars (SP) Gas Field in the southern Iranian province of Bushehr will be inaugurated by President Hassan Rouhani in late February.

Iran's Oil Minister Bijan Namdar Zanganeh announced this adding the refineries were constructed at a cost of $10 billion, IRNA reported.

Speaking in a press conference at the Oil Ministry on Tuesday, Zanganeh said 21 SP phases had become operational prior to March 20, 2018.

"At present, four refineries of phases 13, 22, 23 and 24 with a total natural gas processing capacity of 110 million cubic meters are ready to begin operation."

Three billion cubic feet of gas will be sent to the refineries from South Pars offshore reserves, he said.

The minister noted that Iran has overtaken Qatar, with which it shares the field,‌ in extracting gas from South Pars.

"In 2013, Iran extracted 280 million cubic meters of gas from the giant gas field per day, whereas, today the figure stands at more than 600 million cubic meters."

Elsewhere in his remarks, Zanganeh criticized Greece and Italy for not buying Iran's oil despite US waivers and said they had not offered Tehran any explanation for their decision.

The US granted the two countries exemptions along with six others — Turkey, China, India, Japan, South Korea and Taiwan — allowing them to continue buying Iranian oil as Washington reimposed sanctions on Iran's banking and energy sectors following its pullout from the Joint Comprehensive Plan of Action (JCPOA), signed between Tehran and P5+1 in July 2015.

"No European country is buying oil from Iran except Turkey," the minister added.

"Greece and Italy have been granted exemptions by America, but they don't buy Iranian oil and they don't answer our questions," he said.

Zanganeh said the situation created by US sanctions against Iran is more difficult than the one the country faced during the eight-year (1980-88) Iraqi-imposed war, adding but Tehran will not allow the US to reduce its oil exports to zero.

He put the amount of Iran's recoverable oil reserves at 160 billion barrels.

"Although Iran's crude oil production has dropped from five million barrels per day [in 1979 — the year marking the victory of Iran's Islamic Revolution] to about four million barrels per day today, significant is that the country's recoverable liquid hydrocarbon reserves has increased from 88 billion to 160 billion barrels."

Zangeneh also said Iran's recoverable gas reserves have increased to 33 trillion cubic feet from nine trillion cubic feet four decades ago.

"There was almost no gas industry before the [1979 Islamic] Revolution and only 36 million cubic meters of gas per day were processed at Bidboland refinery. Today, this figure has been multiplied by 30," the minister said.

Zanganeh also said that Iran's gas condensate production has reached 750,000 barrels per day from nil in 1979.

Commenting on domestic petrochemical sector, he said Iran's annual sales of petrochemicals stand at more than 30 million tons, generating $17 billion in revenue.

Zanganeh said Iran has surpassed Iraq in production from shared oilfields.

He noted that production from the joint oilfields in West Karoun would reach 350,000 barrels per day in March — up from 70,000 barrels per day in 2013.

An oil terminal would become operational in Jask, southern Iranian province of Hormuzgan, by March 2021, he noted.

The minister added Iran's gasoline production has risen from 52 million liters per day five years ago to 105 million liters per day at present.




Resource: IRNA
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