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Pars Oil & Gas announces 215 projects worth $261 billion underway

Wednesday, Jan 09, 2013

215 prioritized projects worth 261 billion dollars are underway in four main subsidiaries of petroleum ministry.

Speaking to Shana, deputy minister of petroleum for planning and supervision on hydrocarbon resources, Mohsen Khojastehmehr, made the remarks adding National Iranian Oil Company (NIOC) is involved in 109 projects, worth 170 billion dollars while National Iranian Gas Company (NIGC), National Iranian Oil Refining and Distribution Company (NIORDC) and National Petrochemical Company (NPC) have 20, 17 and 69 projects underway worth 15, 25 and 48 billion dollars respectively.

He noted that part of the projects especially in oil refining and distribution sector is underway by private sector adding petroleum ministry provides feedstock needed by the projects ‘but if private sector not stick to its commitments petroleum ministry will revise in their licenses’.

On the specifications of prioritized projects, Khojastehmehr said: Development of shared oil and gas fields, implementation of the projects that are linked to other projects in view of meeting feedstock and production chain, those with desirable progress including Mehr Mandegar (Lasting Kindness) projects, the projects with technical and economic justification, strategic projects and the projects that play an important role in meeting the society’s needs are classified as prioritized projects.

In order to better management of financial resources and giving priority to projects, petroleum ministry uses a new software to examine the time schedule and cost of each project, the official said.

He continued a PMIS system had been launched to register the projects’ data stating NIOC is a forerunner in feeding the system and the other three subsidiaries have started inputting data to the system.

Source: Pars Oil & Gas Company

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