Oil minister says Iran has no unsold oil at sea
News code :
1677105
Iranian Minister of Oil Mohsen Paknejad has said that not a single barrel of unsold Iranian oil is left at sea, stressing that all shipments currently at sea are managed according to market conditions and precise planning.
Speaking to reporters on the sidelines of the cabinet session on Wednesday, Paknejad announced that approximately $700 million in new annual revenue will be generated following a major gas collection project that was inaugurated in south of Ilam Province last week.
The project, which involves an investment of $1.6 billion, is part of the Oil Ministry’s comprehensive plan to eliminate associated gas flaring within three years, he said.