WANA (Jan 15) – In a ceremony attended by President Masoud Pezeshkian, Iran’s National Oil Company signed investment contracts worth more than $2 billion for two major oil projects: guaranteed drilling services and crude oil processing.

 

The agreements aim to expand the country’s oil infrastructure and increase production through private-sector participation.

 

Key Details of the Contracts

  • Drilling Services: In the first phase, 20 onshore drilling rigs will be added to Iran’s oil drilling capacity through guaranteed service contracts.
  • Crude Oil Processing: The country will significantly expand its crude upgrading capacity using rapidly installable processing equipment, improving the quality and value of Iranian crude.

 

Economic and Employment Impact

The public-private partnership contracts are expected to:

  • Increase Iran’s oil production capacity by 315,000 barrels per day
  • Create jobs for more than 11,500 local residents in oil-producing regions

 

President’s Remarks

President Pezeshkian praised the Oil Ministry’s efforts in advancing the development goals of the 14th government, particularly in attracting private investment. He emphasized that the government’s strategy is to strengthen and support the private sector’s role in national development.

 

He added that government oversight will focus only on monitoring and addressing potential obstacles to investment, ensuring rapid resolution.

 

Streamlining Investment Contracts

Pezeshkian stressed the need to speed up the contracting process, saying faster execution would be a win-win for investors, the public, and the government. He assured that the government is prepared to remove any barriers, cumbersome regulations, or delays that hinder private investment.

WANA - Iran Boosts Oil Output

Iran Boosts Oil Output. Social media/ WANA News Agency