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Oil Minister: Iran to reserve 7% share in world's crude output

Tehran, April 14, IRNA-Iranian Oil Minister Bijan Namdar Zanganeh said here Thursday that under the 20-year vision plan, Iran would reserve a share of seven percent or about seven million bpd in the world's crude oil output on a 10-year horizon.

Addressing a press conference on the sidelines of the 10th International Oil, Gas and Petrochemicals Exhibition (April 14-17) here on Thursday, Zanganeh said Iran is also to win a 10 percent share in the world's LNG pipeline trade, earn dlrs 20 billion revenue from petrochemical exports by 2015, get a condensed gas refining capacity of 60,000 barrels as well as 500,000 to 700,000 barrels of heavy crude oil.

Elsewhere in his remarks, Zanganeh said oil price hike has prompted further investment in Iran.

"When the price for oil rises to dlrs 30 from dlrs 16 a barrel, oil companies become more willing for investment in Iran," said Zanganeh.

He said nothing such as a change in the composition of the cabinet would affect the country's drive for promotion of oil industry in the coming years, adding that there is a national consensus on development of oil industry.

He invited Iranian enterprises to engage in a positive competition and constructive cooperation with foreign partners.

Terming prospect of oil industry in Iran as 'brilliant and promising', Zanganeh referred to high expertise and skilled manpower as two advantages of Iranian oil sector. He also called on Iranian companies to give priority to production of high quality goods for marketing at logical prices.

The minister said training would be given a top priority in Iranian oil development plan in the future.

... Payvand News - 4/14/05 ... --

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