Iranian Islamic Republic News Agency (IRNA) reported that in the first five months of the current Iranian calendar year (March 20-August 21), the country’s energy sector had attracted more than USD10 billion of investment albeit the challenges from the coronavirus pandemic and US sanctions.
Since the start of the current year, 10 oil, gas, and petrochemical projects have been put into operation, with a total investment of USD5.11 billion, EUR4.66 billion (USD5.2 billion) as well as IRR8 trillion (over USD190 million).
Other than that, the government also targets to inaugurate 17 petrochemical projects by the end of this year. Once these new facilities are inaugurated, Iran’s petrochemical output would hit 100 mtpa and bring USD25 billion annually.
An oil terminal out of the Persian Gulf waters on the Gulf of Oman would be inaugurated on March 20, 2021, for Iran to be able to not use the Strait of Hormuz for exports. The construction project of the new oil terminal in Makran and a pipeline for oil transfer from Goureh to Jask was inaugurated on June 26.
The Goreh-Jask oil pipeline project is estimated to create 4,000 new jobs and costs USD2 billion. It is set to transfer one million barrels of heavy and light crude oils per day to Jask oil terminal in the southern Hormozgan Province to be exported.
Upon completion, the National Iranian Oil Company (NIOC) will be able to export its first oil cargo from Jask terminal by the end of the current Iranian calendar year (March 20, 2021).
