Oil, Petrochem Projects Worth $2.7b Launched in Ilam, Bushehr

President Hassan Rouhani on Monday officially inaugurated oil and petrochemical projects valued at $2.7 billion in Ilam and Bushehr provinces via videoconference.
Costing $1.7 billion, the development of Azar Oilfield in the western Ilam Province was completed in two years, IRNA reported.
Funded by Ahdaf Investment Company and the National Development Fund of Iran, the country's sovereign wealth fund, the venture was undertaken by the Oil Industries Engineering and Construction Group, a leading private engineering, procurement and construction company active in exploration and production, upstream services and energy trade.
Oil extraction from the field started in 2017 with a daily production of 15,000 barrels and reached 30,000 barrels a year later.