Tehran - Iran welcomes foreign investment in its oil and gas projects, Oil Minister Bijan Namdar Zanganeh said on Saturday.
He made the remarks in the 11th International Petrochemical Forum (IPF).
Iran welcomes the presence of foreign private sectors in its downstream oil and gas industries, Zangeneh added.
The Oil minister underscored that Iran possesses the highest world's gas reserves estimated at 33.6 trillion cubic meters.
Over 600 million cubic meters of gas are transferred to gas pipeline per day which should increase to 1000 billion cubic meters per day, he noted.
Zangeneh underlined that after launching new phases of South Pars gas field, daily production capacity of gas condensate and gas liquids will rise to 650,000 barrels per day and daily production capacity of LPG and Ethane will increase to 6.7 million tons and 4 million tons respectively.
Iran is committed to have active presence in the international oil and gas markets, he said.
The 11th International Petrochemical Forum was attended by representatives of 330 Iranian and 50 foreign companies as well as 70 foreign guests from 23 countries.
First Vice-President Eshaq Jahangiri, Oil Minister Bijan Namdar Zanganeh and Minister of Industry, Mine and Trade Mohammad Reza Nematzadeh are attending the two-day event.
The oil and gas industry is usually distinguished in 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.
© IRNA 2014
