Speaking at the opening ceremony of the 29th Iran International Oil, Gas, Refining, and Petrochemical Exhibition in Tehran on May 8, Paknejad emphasized international cooperation, particularly with neighboring countries, to open new markets and increase Iran’s share in global energy trade.
According to the report of the public relations of the National Iranian Gas Company (NIGC), he added that, a recent gas swap deal with Turkmenistan and Turkey strengthens Iran’s position as a regional energy hub.
Paknejad also noted Iran’s collaboration with Russia, including discussions at the 18th Iran-Russia Joint Economic Commission meeting, aimed at creating a secure legal framework for joint investments.
He said, “Today, we have a historic opportunity at this global gathering to showcase Iran’s oil industry capabilities. This exhibition is not just a trade event but a symbol of Iran’s national resolve to become an energy hub and a center for regional cooperation.”
Paknejad reported that oil production capacity has increased by 150,000 barrels per day under the current administration, while crude gas production rose by 30 million cubic meters per day. Refining capacity grew by 180,000 barrels per day, and petrochemical production capacity increased by 7 million metric tons annually.
He announced plans to complete over 30 major oil industry projects with nearly $10 billion in investment by March 2026, which would boost daily oil production by 250,000 barrels and crude gas output by 30 million cubic meters per day.
To achieve the Seventh Development Plan’s goals and enhance private sector involvement, the Oil Ministry is prioritizing investment and financing for development projects. “We need over $20 billion annually to develop and maintain oil and gas fields,” Paknejad said. “Attracting this level of investment requires redesigning tools, introducing innovative solutions, and leveraging new capacities.”