Iran’s oil minister unveils major reforms to boost private sector participation and investment in energy projects
Speaking on the sidelines of the International Oil, Gas, Refining, and Petrochemical Exhibition on Thursday, Paknejad highlighted efforts to streamline contract processes, attract domestic and foreign investment, and increase transparency in upstream and downstream operations.
“We’ve significantly reduced the contract ratification period from three years to under one,” he said, citing recent economic council approvals.
Paknejad emphasized record growth over the past nine months, including a 150,000-barrel daily increase in oil output and a 30 million cubic meter rise in daily gas production. Gasoline and diesel output also rose by 7 and 8 million liters per day, respectively.
The ministry plans to complete over 30 major projects by 2026 with an investment of $10 billion, aiming to boost oil capacity by 250,000 barrels per day and raw gas production by 30 million cubic meters, the minister said, adding over 200 upstream investment opportunities have been introduced to the private sector.
He also revealed ongoing efforts to finalize Iran’s role as a regional energy hub, citing recent gas swap agreements and expanded cooperation with Russia and neighboring countries.
Source: IFP Editorial Staff