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BREAKING
Israeli media: At least two soldiers killed by anti-tank missile fired at Israeli army forces in the Gaza Strip
Local Syrian sources: Mortar shells fell on more than nine villages in the Sweida countryside
Local Syrian sources: Dozens of dead and wounded have arrived at Sweida hospitals as a result of ongoing clashes at several locations in the western Sweida countryside
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes
Israeli media outlet: Security incident reported in the Gaza Strip
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation

Iranian Oil Minister: $20 billion invested in 12 months

  • By Al Mayadeen English
  • Source: Agencies
  • 6 Jul 2022 13:43
2 Min Read

Iran increases investment in oil production and focuses on 20 major projects, five of which have already been contracted.

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  • Iran has invested a total of $20 billion in numerous sectors of its oil industry
    Iran has invested a total of $20 billion in numerous sectors of its oil industry

Iran has invested a total of $20 billion in numerous sectors of its oil industry in the past 12 months, revealed Oil Minister Javad Owji on the sidelines of a cabinet meeting on Wednesday. According to the minister, the investment has been made through a series of contracts and memoranda of understanding.

The contracts signed sought to implement five significant projects with approximately six companies. President Ebrahim Raisi’s administration had previously identified twenty major undertakings in the oil production circle.

Owji also noted that the administration of President Ebrahim Raisi has defined 20 top-priority projects in the oil production sphere in order to restrict the sale of crude oil that hasn't been refined, with a focus on the resistance economy.

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A group of regional banks and oil businesses received a $7 billion contract from Iran on Tuesday for the development of the Azadegan oilfield. The oil field spans across the Iraqi border in southwest Iran. The contract was signed under the supervision of President Raisi in a demonstration that the initiative, according to him, is an example of Iran's capacity to marshal domestic resources for the construction of substantial infrastructure projects.

In parallel, Iraq has committed to making a sizable investment to develop its portion of the field, known as Majnoon, although Iranian ambitions of a similar nature have recently run into difficulties as a result of sanctions that prevent access to foreign money and expertise. Based on reports, Azadegan's crude oil production will nearly triple in seven years, reaching nearly 570,000 barrels per day.

Read more: Iranian oil tanker arrives in Venezuelan waters

  • Oil Production
  • Iranian oil minister
  • Oil in Iran
  • Iran
  • Dasht Azadegan

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