IRNA – Iranian Petroleum Minister Baijan Zanganeh said on Tuesday that 17 phases pf South Pars Oil and Gas Field have been finalized at sea, adding that Iran with 700 mcm has outperformed Qatar in the joint gas field.

Speaking in Majlis formal session on Tuesday, Zanganeh said Iran has so far invested $150b in South Pars.

He added that various projects started two years ago and 23 contacts were also sign in engineering, procurement and construction (EPC) format.

He noted that Goureh-Jask Crude Oil Pipeline construction will be finalized by the end of the current Iranian year (started on March 20, 2020) and one million cubic meter oil will be transferred from Goureh to Jask for exports.

Zanganeh said that in line with economy of resistance policies, Iranian Petroleum Ministry has implemented eight principles including increase in production capacity in joint oil and gas fields, avoiding selling raw materials, finalizing petrochemical chains, developing gas fueling, increasing petrochemical exports, supporting knowledge-based companies and domestic production, collecting gas, paving the way for future of the oil industry and fighting sanctions.

Referring to development of joint fields as a priority, he said West Karoun oilfields production has reached 400,000 barrels per day seven years ago.

He reiterated that Iran's petrochemical production capacity will reach to 100 million tons worth $25b by next year.

He stated that Iran's oil products exports experienced four-fold growth compared with eight years ago.

Gas production also reached 107 million liter last year, he added.

Elsewhere in his remarks, Zanganeh expressed readiness for providing license, feed and market for downstream sector.

He referred to record of 80 million cubic meters gas exports during the current Iranian year, saying Iran is now one of the biggest exporters of oil derivatives through stock market.