Oil Minister: Value Of Oil Industry's Pending Projects Hits $250bln

Tehran, Jan 14, IRNA – Oil Minister Rostam Qassemi said that the US-led unilateral sanctions imposed on Iran has provided the country with golden opportunities to help flourish the indigenized sciences and technologies, and said the value of oil industries' projects hit $250bln. 'While Iran’s oil industry is handling projects worth $250 billion dollars, we should name it as spring of development in oil industry,' Qassemi saidm addressing the Fourth Research and Technology Festival of Oil Industry on Sunday. He enumerated production of 750 million cubic meters of gas from South Pars gas field and 1.5 million barrels of gas condensate and oil from same shared field as other targets planned for the country's fifth five-year development plan. Qassemi pointed to of a fund to support manufacturers of oil industry equipment as an initiative to address the production problem, and said, 'We are very hopeful that launching the fund leads to commercialization of indigenized technologies through supporting domestic manufacturers.' The oil minister noted that many domestic manufacturers are able to address the basic needs of oil industry. He said at present many oil industry requirements, including rotary machines are being produced in the country./end