TEHRAN, May 17 (Xinhua) -- Iran's oil minister said on Wednesday the country's oil exports have seen a two-fold growth since President Ebrahim Raisi took his office in August 2021 despite the "cruel" sanctions on Tehran.

Javad Owji made the remarks in an address to the opening ceremony of the 27th Iran International Oil, Gas, Refining and Petrochemical Exhibition, also known as Iran Oil Show 2023, according to Shana News Agency affiliated to the Iranian Oil Ministry.

The minister noted that despite the sanctions, Iran has so far set favorable records in the production and exports of crude oil, condensates, petroleum products and petrochemicals.

Iran sits on one of the world's largest oil and gas reserves combined, putting the country's recoverable oil reserves at 154 billion barrels, and its gas reserves at about 33 trillion cubic meters, according to the minister.

Owji said the country currently produces 3 million barrels of oil per day and a daily amount of 1 billion cubic meters of natural gas, with its daily oil refining capacity standing at 2.4 million barrels.

He put Iran's annual petrochemicals production capacity at 95 million tons, saying the Iranian administration has adopted a set of measures to prevent the "cruel" sanctions from depriving the country of development in its oil and gas industry.

There are around 200 foreign companies taking part in Iran Oil Show 2023, including those from Russia, China, Belarus, Germany, Austria, Italy, France, Spain, India, the United Arab Emirates, Oman and Türkiye, as well as 1,500 domestic firms, Owji said.

He voiced Iran's readiness for cooperation with all domestic and foreign investors, saying the country has defined projects worth close to 160 billion euros in the oil industry's upstream and downstream sectors for investments.

Iran Oil Show 2023 will continue until Saturday. Enditem

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