Iran's Oil Industry Pension Fund Implementing 19 Projects

“The Oil Industry Pension Fund is a Petroleum Ministry subsidiary, dependent on neither the government nor the state budget,” Bayat said, addressing the opening ceremony of the 15th Iran Petrochemical Forum in Tehran.

Elaborating on the fund’s projects, he said that generating the fund assets, completing the value chain, boosting fund's investments productivity and profitability, avoiding getting involved in non-economic projects, moving toward growing production and being export-oriented, getting a larger share of profitable markets and protecting the environment are the main priorities of Oil Industry Pension Fund.

Bayat stressed the importance of completing the value chain, noting that oil industry development should be based on expanding the value chain, adding that in line with that policy, the fund is developing Kangan Petro-refining, Dehloran olefin, and Nakhl Asmari petrochemical projects.

Iranian Oil Minister Javad Owji announced in June that the ministry was carrying out 300 oil projects worth $130 billion out of which 153 projects worth $34 billion became active in recent years.

Owji made the remarks at the signing ceremony of four new oil contracts, where he also said, “The total investment volume of these 4 contracts is $2 billion but it will generate $17 billion worth of revenues.”

“We are carrying out 300 oil projects worth $130 billion, and 153 projects worth $34 billion were put into operation in this government,” Owji added.

“During this administration, the second phase of the Abadan refinery with a capacity of 210,000 barrels was put into operation,” he added.

“At the beginning of the government, the volume of flare gas collection was 1.5 million cubic meters per day, but today this figure has increased to 11.5 million cubic meters,” the minister continued.

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