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BREAKING
Berri: It is our fate every Eid al-Adha to offer sacrifices in defense of Lebanon and its sovereignty, and the aggression will not prevent us from celebrating our holidays
Berri: Our positions must be unifying for all Lebanese in confronting the Israeli aggressiveness, which does not target a specific sect or region, but rather all of Lebanon and the Lebanese, and even Arabs and Muslims in their holiest sanctities
Speaker of the Parliament of Lebanon Nabih Berri: Our position regarding the continuous Israeli violation of Lebanon is identical to and adopts the position of the President of the Republic in all national and sovereign dimensions
Israeli raids strike eight residential buildings in Beirut’s southern suburbs; shelling reported in Ain Qana, southern Lebanon
Al Mayadeen's correspondent: Another Israeli airstrike targets Beirut’s southern suburb
Saree: The operation comes in solidarity with the oppressed Palestinian people and in response to the aggression against Beirut’s southern suburb
Yemeni Armed Forces spokesperson: The operation successfully achieved its objective, forcing millions of Israeli settlers to flee into shelters
Yemeni Armed Forces spokesperson Yahya Saree: We targeted Lod Airport (Ben Gurion Airport) in the occupied Yafa area with a hypersonic ballistic missile, the “Palestine 2” type
Salam: We call on the international community to hold "Israel" accountable, halt its attacks, and ensure full withdrawal from Lebanese territory
Salam: These attacks constitute a blatant violation of Lebanese sovereignty and UN Security Council Resolution 1701

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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