Iran Leans on Local Companies With Projects to Boost Oil Output
- Iranian companies were granted $13 billion in new contracts
- Projects include development of the giant Azadegan field
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Iran unveiled a series of projects to raise its oil production in collaboration with domestic companies, the country’s second initiative in days to leverage local resources to develop its energy sector.
Iranian companies were granted $13 billion in contracts on Sunday to boost output from six oil fields by as much as 350,000 barrels a day, the state-run Islamic Republic News Agency reported.