Iranian minister: Sanctions couldn't slow oil industry progress

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Iranian Oil Minister Javad Owji stated that those who imposed sanctions on Iran believe they can stymie Iran's growth and advancement by using the terroristic weapon of sanctions, despite the fact that it is a double-edged sword with which they must contend.

In a speech delivered on Thursday at the Baku Energy Forum in front of ministers and representatives from around 30 countries, Owji referred to Iran's success in oil and gas production, saying, “Iran’s oil and gas development has not been stopped despite cruel sanctions imposed against the country over years.”

Iran, as the world's largest gas capacity holder, presently possesses around 34 trillion cubic meters of gas reserves and is capable of meeting a substantial portion of global requirements, he said.

Owji revealed that at present, "we have the capacity to produce 1 billion cubic meters of gas per day," adding that “our oil production capacity is close to 4 million barrels, and we produce about 92 million tons of petrochemical products per year.”

"Our daily gas output capacity has to reach 1.4 billion cubic meters in the next 8 years," the Minister said adding that "the world is in severe need of energy and Iran can meet a part of it. The Islamic Republic of Iran welcomes investment in gas production and trade."

"Iran is located at the crossroads of the world energy transit. Large energy producers such as Russia and Turkmenistan are situated in the north of Iran and Qatar is in the south. We have the capacity to transfer such huge resources to consumer markets," he added.

People all over the world require access to energy, according to Owji, who also stated that the Islamic Republic of Iran wants all people in the world to benefit from this God-given blessing and is willing to cooperate in all sectors of oil and gas development, trade, and transmission on an international and regional scale through the country's good and strong infrastructure.

Referring to the Iran Oil Show, Owji spoke of the  localization of energy technologies in Iran as a good opportunity for joint cooperation with regional countries, saying, “[Iran’s] experience in Turkmenistan gas swap to the Republic of Azerbaijan can be repeated for all neighboring countries.”

He disclosed that "we have the second largest gas pipeline network, after Gazprom, and good projects have been defined in LNG sector. We have not even cut off the gas flow to the countries which delay their payments and we invite all nations and companies interested in making investment in oil industry’s upstream and downstream sectors, as well as in transmission of the energy carriers."

“This year, we have produced about 1,000 megawatts of renewable energy which is scheduled to reach 4,000 megawatts by the next four years," Owji added, citing clean energy as one of the country's goals.

Iran's Petroleum Minister is in Azerbaijan for Baku Energy Week, where he will meet with authorities attending the three-day international event.

The activities will take place on June 1-3, 2022, with the assistance of the Republic of Azerbaijan's Ministry of Energy and the Republic of Azerbaijan's State Oil Company (SOCAR). The Caspian Oil and Gas Show is the first exhibition organized yearly since the Republic of Azerbaijan's independence, with over 250 international firms participating.