Iranian President Masoud Pezeshkian attended a joint meeting of the National Development Fund's Board of Trustees and Minister of Oil Mohsen Paknejad on Wednesday, focusing on the timeline for a plan to increase oil production by 250,000 barrels per day.
The initiative aims to finance unfinished projects in more than 40 oil fields across Iran. The plan is expected to lead to a significant boost in crude production.
Chairman of the National Development Fund Mahdi Ghazanfari expressed gratitude to the president for his commitment to facilitating the legal processes for the NDF's investment in the oil sector.
He also announced the Fund's readiness for comprehensive cooperation with the Ministry of Oil to finance the projects aimed at enhancing production levels.
During the meeting, President Pezeshkian emphasized the importance of increasing investment in production, particularly in the oil sector, and called for expedited timelines to ensure that the projects are operational as soon as possible.
The president further addressed concerns raised by Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei regarding the collection of flare gas and the environmental issues associated with it, calling for an acceleration in the completion of projects in this area.
The oil minister reported that his ministry is set to launch projects aimed at collecting 200 million cubic feet of flare gas, with major efforts concentrated in the Northern Dezful region and the Rag Sefid Oil Field. He noted that they are striving to have these projects operational by the government week, the president’s website reported.