TEHRAN – Iranian oil minister Mohsen Paknejad said the country does not have unsold oil waiting at sea, making it clear that all current cargo is being managed strategically in line with market demand.
The Minister made these comments on the bystanders of the Cabinet Meeting, along with the announcement of the new $1.6 billion gas collection project in ILAM. He reported that the project is expected to generate another $700 million in annual revenue. This initiative is an important part of a large-scale government plan to completely eliminate gas flaring practices within three years.
Paknejad also noted that a similar project, MGL-3200, is progressing in the Western Karung and Huzestan regions. He expressed confidence that these efforts would allow Iran to capture 44.5 million cubic meters of gas every day. The Minister described these projects as important for reducing pollution, saving resources, increasing productivity in the oil industry and for advancing the country’s economic goals.