Iranian Oil Minister: 700 billion barrels of oil reserves in the country

Tehran-Sana

Iranian Oil Minister Begin Zangana announced that Iran's oil reserves exceed 700 billion barrels.

Zangana called during a speech at the Knowledge and Emerging Companies Forum in Tehran today to suggest solutions to increase oil extraction capacity, explaining that the level of recycling in Iranian oil fields is currently less than 30 percent.

The Iranian Oil Minister stated that increasing the level of recycling by 1 percent will raise the size of the Iranian national wealth to 400 billion dollars by calculating 50 dollars per barrel.

In a related context, the Director of Investments of the National Iranian Petrochemical Industries Company, Hossein Ali Murad, said in a statement that the production capacity of the petrochemical sector will reach 100 million tons until 2022, stressing that the target level will be achieved by launching 42 projects until the scheduled date.

Murad pointed out that 15 projects were opened until 27 other projects are in operation until the specified year.