Iran awards $195 mln worth of new contracts to recover flare gases
The Iranian Oil Ministry has contracted three domestic companies to recover flare gases from oilfields in the south as it pushes ahead with plans to minimize flaring and to use the gases as feedstock in refineries and petrochemical plants.
Oil Ministry’s news service Shana said in a Monday report that the contracts signed earlier in the day included the manufacturing of 24 centrifugal compressors and the construction of a station to recover gas flares from a major oilfield located in the southwestern province of Khuzestan.
Iran’s Oil Minister Bijan Namdar Zanganeh supervised the signing of the contracts that were worth 165 million euros ($195 million), said the report.
Zanganeh said that Iran aims to cut to almost zero the amount of flaring in its oilfields by the end of the current calendar year in March 2022.
The contracts will allow increased recovery of flare gas in central and southwestern Iranian oilfields for use in the Persian Gulf Bidboland Gas Refinery, a sprawling facility that was launched back in January with a government investment of $3.4 billion.
Biodboland’s CEO Mahmoud Aminnejad said during the signing ceremony that the refinery, which is mainly responsible for feedstock consumed in major Iranian petrochemical plants located on the Persian Gulf, would award around $1 billion worth of similar flare recovery deals to domestic companies over the next months.
Aminnejad said Bidboland is currently working on half of its operating capacity which he said is generating 400 billion rials ($1.6 million) worth of revenues per day.
He said the capacity would increase to nearly 65 percent in June when a major flare gas recovery project, known as NGL 1200, comes on line in central Iran.
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