Iran to raise oil production to 4mbpd by yearend: Minister

EghtesadOnline: Minister of Petroleum Bijan Zangeneh has announced that Iran plans to produce four million barrels of oil per day by the end of the Iranian calendar year on March 20, 2017.

News ID: ۷۳۷۵۴۶

18 October 2016

At a local meeting here on Monday morning, Zangeneh said that Iran would increase its daily oil production which has been 3.8 million barrels in the first half of the Iranian calendar year ending on March 20, 2017.

Talking of the Persian Gulf Star Refinery whose first phase will become operational by the end of the year, Zangeneh said Iran will be turned into an exporter of gasoline when the refinery starts working.

According to IRNA, he went on to say that Iran's oil industry needs 200 billion dollars of investment that should be made mostly in the upstream sector and some in the petrochemical one.

By implementation of the new projects, hundreds of thousands of job opportunities will be created in the country, the minister stressed.