Iran to Ratify 1st Private Petchem Contract for Development of Gasfields

Hassan Abbaszadeh told reporters on the sidelines of the IranPlast 19th International Exhibition that petrochemical companies have entered upstream field development and the first private-sector contract for developing gasfields will soon be ratified and become active, the oil ministry’s news webstie reported.

He stated that a process which previously took several years has been reduced to about six months due to efforts by the Ministry of Petroleum. This will enable the petrochemical industry to meet its gas feedstock needs through the development of these gasfields, he added.

The deputy petroleum minister cited flare gas recovery as one method of supplying petrochemical feedstock, noting that about 21 million cubic meters of gas from flares has been supplied to the industry this year. This achievement was realized through investments by major petrochemical holdings and primarily involves associated petroleum gas. There are also flares in South Pars phases, and we are negotiating with the private sector to attract investment for utilizing this gas, he said.

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