Iran’s progress unstoppable despite enemies, declares President Raeisi at $2.7bn gas project inauguration.

Despite facing unilateral Western sanctions, Iranian experts have fully designed, executed, and operated Phase 14 project of the South Pars gas field using the largest domestic capacities of all phases.

The project is expected to yield a daily output of 50 million cubic meters of sweet gas, 400 tons of sulfur, and 75,000 barrels of gas condensates. Additionally, it is anticipated to produce 1 million tons of ethane and liquefied petroleum gas (LPG) annually for petrochemical feedstock.

According to Javad Owji, Iran’s Oil Minister, the Phase 14 project of the South Pars gas field has received $2.7 billion in funding for its development. He further mentioned that the project is anticipated to achieve a return on investment (ROI) within a year.

Addressing local people during a ceremony in Iran’s southern port city of Bushehr on Thursday, Raeisi said since the victory of the 1979 Islamic Revolution, the enemies have sought to accomplish their objectives in Iran through all kinds of plots, conspiracies and acts of sedition, but all to no avail.

“The enemies sought to stop Iran by means of brutal sanctions, but could not achieve their goals,” he said. 

Raeisi said the enemies have resorted to a hybrid war and waged various psychological, media, economic and political operations in order to block the progress of the Islamic Republic of Iran; however, their bids have all failed in the face of the vigilance and awareness of the Iranian nation.

South Pars gas field, whose development has been divided into 28 phases, is located in the Persian Gulf straddling the maritime border between Iran and Qatar.

It covers an area of 9,700 square kilometers, of which 3,700 square kilometers belongs to Iran.

It is estimated that the Iranian section of the field contains 14 trillion cubic meters of gas and 18 billion barrels of condensates in place.