The Ministry of Petroleum of the Islamic Republic of Iran is a state-run organ affiliated with the Executive branch of government. The Ministry is tasked with exercising the principle of Iran’s ownership of and national sovereignty over oil and gas resources as well as separating governance from administrative tasks in the development of oil and gas industry. The Ministry of Petroleum was established several months following the Islamic Revolution in 1979. The structural organization of the Ministry comprises a head office and four main subsidiaries – National Iranian Oil Company (NIOC), National Iranian Gas Company (NIGC), National Iranian Oil Refining and Distribution Company (NIORDC) and National Petrochemical Company (NPC). Through subsidiaries, the Ministry supervises exploration, extraction, marketing and selling of crude oil, natural gas and petroleum products in the country. The Ministry of Petroleum of the Islamic Republic of Iran was established with a view to exercising the principle of Iran’s ownership of and national sovereignty over oil and gas resources as well as separating governance from administrative tasks in the development of oil and gas industry.
Iran’s minister of petroleum, in a statement, on Sunday put great emphasis on bringing stability to the international energy and oil market.
Iran’s oil minister on Saturday talked of good agreements with giant Chinese companies, record annual production of sour gas, and launch of Phase 11 of South Pars (SP) gas field.
Transactions of crude oil and gas condensate certificates of deposit in Iran Energy Exchange (IRENEX) started here on Sunday.
A high-ranking trade delegation from West Africa paid a visit to Iran’s Oil and Gas Industry Innovation and Technology Park.
The Iranian delegation attended separate meetings with the managers of Turkmengas, Turkmenneft and Turkmenchemistry companies on the second day of Iran's exclusive exhibition in Turkmenistan.