TEHRAN Iran's Oil Ministry subsidiaries recorded a strong efficiency in the previous Iranian calendar year (ended on March 20) by signing significant medium- and large-scale agreements, marking a considerable step towards expanding the countrys hydrocarbon industry.According to the Oil Ministry, citing data from the national contract database, the ministry signed 16 medium-scale and seven large-scale contracts in the previous year.
In overall, its subsidiaries registered 8,324 medium-scale contracts and 4,180 massive agreements, highlighting extensive activity in the sector.The National Iranian Oil Company (NIOC) led the sector with 4,213 medium-scale and 1,273 massive agreements, playing a key function in oil exploration, production, and exports.The National Iranian Gas Company (NIGC) registered 3,323 medium-scale and 2,048 massive contracts, reinforcing gas facilities and strengthening its position in ensuring stable energy supplies.The National Iranian Oil Refining and Distribution Company (NIORDC) signed 704 medium-scale and 807 large-scale agreements, contributing to the improvement of the petroleum product supply chain and increasing refining capacity.Meanwhile, the National Petrochemical Company (NPC) finalized 68 medium-scale and 45 large-scale contracts, taking substantial steps in petrochemical industry development and boosting the value-added potential of hydrocarbon products.The Oil Ministry mentioned that these arrangements intend to optimize production, reduce reliance on foreign resources, and reinforce the national economy.
Analysts see this progress as evidence of domestic business strong abilities in handling large and mid-scale jobs, laying the groundwork for additional oil and gas sector development in the coming years.EF/ MA