Javad Owji made the remarks at the inauguration ceremony of the 27th Iran International Oil, Gas, Refining & Petrochemical Exhibition (Iran Oil Show 2023) on Wednesday.
According to the report of the public relations of the National Iranian Gas Company (NIGC), the minister said 1,500 domestic and 200 foreign companies from 13 countries were represented in the event.
Owji also referred to 35% growth in the presence of domestic companies, adding that the number of foreign firms attending the show had risen by 100%.
Iran"s oil minister added that the participation of 200 foreign companies in Iran Oil Show 2023, is indicative of the effective promotion of energy diplomacy by the incumbent administration.
Owji said in the exhibition, domestic and foreign firms, contractors, investors, constructors, knowledge-based companies and academic centers involved in the oil and gas industry"s upstream and downstream sectors present their needs and challenges and prepare the ground for holding negotiations and commencing trade cooperation in the future.
The minister noted that Iran sits on the world"s largest oil and gas reserves combined, saying the country"s recoverable oil reserves stand at 154 billion barrels, and its gas reserves are about 33 trillion cubic meters.
He voiced Iran"s readiness for attracting domestic and foreign investors, saying close to $160 billion in investment opportunities have been created in the Iranian oil industry"s upstream and downstream sectors.