TEHRAN – Iranian Oil Minister Mohsen Paknejad has stated that the country has no unsold oil waiting at sea, clarifying that all current shipments are strategically managed in line with market demand.

The minister made these comments on the sidelines of a cabinet meeting, alongside the announcement of a new $1.6 billion gas collection project in Ilam Province. He reported that this project is expected to generate an additional $700 million in annual revenue. This initiative is a key part of a larger government plan to completely eliminate the practice of gas flaring within three years.

Paknejad also noted that a similar project, MGL-3200, is progressing in the West Karoon and Khuzestan regions. He expressed confidence that these efforts will allow Iran to capture 44.5 million cubic meters of gas daily. The minister described these projects as crucial for reducing pollution, conserving resources, increasing the oil industry's productivity, and advancing the nation's economic objectives.