The Organization of Petroleum Exporting Countries (OPEC) has drawn no red line or limits for the extent the oil prices are projected to fall, and stability will return to the global oil market after the removal of anti-Iran sanctions, oil minister Bijan Namdar Zanganeh told Mehr news agency on Friday.
On OPEC's view of the recent developments in the oil market, Zanganeh said that "there is no stated preference for the organization with regard to cutting oil production by the member states."
"We will continue with our development projects despite the recent oil plunge," he asserted, adding that the project to construct eight mini-refineries in the Pars Special Economic Energy Zone (PSEEZ) will go ahead as planned.
A suitable site has been found by the contractor, and construction is to begin in the next Iranian calendar year (begins March 21, 2015).
The mini-refineries will each have a gas condensate refining capacity of 60,000 barrels per day.
With the construction of these refineries, the necessary feedstock will be supplied by South Pars gas field for domestic purposes and exporting such products as gasoline, gasoil, bitumen and naphtha.
The first basic designing of oil and gas condensate refinery was carried out in Kharg Petrochemical Plant for the propane, butane and naphtha units.
Asked about new projections for Iran's natural gas production capacity, Zanganeh denied reports saying he has estimated a daily increase of up to 140 million cubic meters for the current year (ends March 20).
"With more South Pars phases coming on stream in the coming months, production of ethane and liquid gas will also increase," the oil minister stated, adding that the increase will provide petrochemical complexes across country with more feedstock supply.
