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Minister: â€˜Iran signed new oil contracts with Armenia, Pakistan, Iraq and Afghanistanâ€™

25 May 2012 14:35 (UTC +04:00)

Baku. Konul Jafarli - APA. Iranian Oil Minister Rostam Qasemi has said that it is projected that the countryâ€™s oil output will increase by 1.5 million barrels per day (bpd) by 2016, APA reports citing Mehr news agency.

Speaking on Monday on the sidelines of the inauguration ceremony for the worldâ€™s largest polyvinyl chloride (PVC) production unit at the Arvand Petrochemical Complex, which is located in Mahshahr in the southwestern province of Khuzestan, Qasemi stated that the daily gas output is projected to rise by 1.47 billion cubic meters.

All development plans related to joint oil and gas fields will by finalized by the end of the first half of the current Iranian calendar year (September 21), he added.

Qasemi noted that Iran would export different oil products at amount of $10 bln to neighboring countered this year: â€˜In connection with it, Iran has signed oil contracts with Armenia, Pakistan, Iraq and Afghanistanâ€™.

Qasemi has ordered all contractors of South Pars gas field development projects to work round the clock in three shifts to complete the development of all phases, especially phases 12, 15, 16, 17, and 18.