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Iran Signs Oil Deals Worth $16.5bn

Iran’s Minister of Petroleum Javad Owji said that the country has signed $16.5bn of new deals in oil industry, which is worth several times the deal with reneging Total.

 

The minister said that the value of over 55 deals signed since the beginning of the new Iranian government in August 2021 has been $16.5 billion.

 

An agreement between Iran and France’s Total on the development of Phase 11 of South Pars Gas Field in southern Iran was reached in 2017 but was not implemented due to the unfulfilled promise of the French company.

 

Also about other measures taken by the Ministry of Petroleum during the seven months, Owji said the start of the swap of natural gas from Turkmenistan to Azerbaijan was among those important measures.

 

Further, the minister hailed the measure to start the swap of gas from Turkmenistan to Azerbaijan, which helped stabilize gas network in northeastern Iran, helping the country pass cold weather in winter safely.

 

The ministry will start a project to launch a petro-refinery unit with the capacity of 300,000 barrels a day in spring, Owji concluded.

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