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| Iran to inaugurate oil projects valued at €370m |
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.jpg) TEHRAN – Forty seven oil projects, costing 12 trillion rials (about €364 million based on the euro official exchange rate of 33,180 rials) plus €5.7 million, will be inaugurated during the current week in Iran.
The projects, which will come on stream in Tehran, Bandar Abbas, Arak, Abadan, Kermanshah, Tabriz, and Isfahan facilities, are related to refining, storage, and transfer sectors of the oil industry, according to the Mehr News Agency.
In July, IRNA quoted National Iranian Petrochemical Company official Mohammad Ziar as saying that Iran will establish 18 new petrochemical complexes, special for downstream industries.
The oil and gas industry is usually divided into three major sectors: upstream, midstream and downstream. The downstream sector commonly refers to the refining of petroleum crude oil and the processing and purifying of raw natural gas, as well as the marketing and distribution of products derived from crude oil and natural gas.
The upstream segment of the industry often refers to exploration and production.
Midstream operations are often included in the downstream category and considered to be a part of the downstream sector.
Ziar further said that some $8 billion has been invested in revamping refineries in the country.
The money is being spent to revamp Tehran, Arak, Bandar Abbas, and Abadan refineries, he added.
The United States and Western powers have imposed a series of economic sanctions aimed at pressuring Iran into halting its uranium enrichment plan.
Despite the sanctions, Iranian petrochemical products are being exported even to European countries, National Iranian Petrochemical Company Abdolhossein Bayat has said.
Bayat said since the past eight years, the country's annual petrochemical output has been increased by 38 million tons.
The output will surpass 75 million tons by the end of the current Iranian calendar year (March 2014), he noted.
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