MNA – Iranian Minister of Petroleum Bijan Zangeneh said the country was currently producing 76 million liters per day of Euro-4 petrol from almost zero back in 2012.

Speaking in a televised interview on Wednesday evening, the official said Iran was currently withdrawing more oil and gas from South Pars and South Azadegan than Iraq and Qatar.

“We have planned to determine the fate of all the joint fields by the end of the Rouhani Administration,” he said, as quoted by SHANA.

Zangeneh said Iran was currently operating 25 conventional phases of the massive South Pars gas field. “Once current development projects become operational in South Pars, Iran’s gas production from the field would reach 800 mcm/d.”

He said that the country’s daily petrol production capacity stood at 115 million liters which was 11 ml/d above Iran’s daily demand for the item. “The excess output will be earmarked for export.”

The official added that Iran was the largest producer of petrol among fellow members of the Organization of the Petroleum Exporting Countries (OPEC), even though it was the third largest producer of crude oil in the group.

He further said that 95 percent of the Iranian population had access to the national gas distribution network.

“The US does not allow Iran procurement of certain equipment for the betterment of the environment which is a crime; however, we will supply them anyway.”
By the next two years, there will be no gas flares in the country.

The official said Iran eyed a petrochemical production capacity of 100 million tons per year by 2021 from 56 mt/y back in 2013.

He further said that the value of produced petrochemicals would reach 36 billion dollars per annum by 2021 which would be dubbed as the second leap in the petrochemical sector.

Zangeneh said that the country was preparing for the third leap in the petrochemical industry whose output would reach 150 million tons per year.

“Currently, there is a $6b market for feedstock by petrochemical industries which is unparalleled in the country’s industrial sector,” he said.

He refrained from disclosing any figures concerning the country’s crude oil and petroleum products’ exports.

He said there was currently a supply glut in the global oil market which was caused by the US shale boom which was unexpected.

He said during the latest OPEC meeting, the charter of cooperation between OPEC and OPEC+ was endorsed in which all the demands of Iran were met.

Zangeneh also touched on Siraf Refining Park which required Rls. 230,000 billion which would be supplied by the exchange market and securities.

Siraf refineries would require $3 to $4 billion dollars in investment, he said.