TEHRAN: Iran’s President Hassan Rouhani inaugurated five new phases of the South Pars gas field on Sunday, the result of some $20 billion in investment, local media reported.
The ribbon-cutting of phases 17-21 pave the way for Iran to surpass the production levels of neighboring Qatar, which shares half the offshore gas field, Iranian officials said.
“Our production has reached 575 million cubic meters per day,” said Rouhani.
Iran’s total gas production is 885 million cubic meters per day. “At the height of sanctions, with the help of Iranian engineers and workers, we succeeded in developing 11 phases of South Pars,” added Oil Minister Bijan Namadar Zanganeh.
South Pars is the largest known gas reservoir in the world. Iran has the second-largest gas reserves in the world after Russia, and the fourth-largest oil reserves.
In November, French firm Total signed a preliminary accord worth an estimated $4.8 billion to help develop phase 11 of South Pars, but has since said it will wait for signals from Washington before finalizing the deal.
Although many sanctions, including on Iran’s energy industry, were lifted under a nuclear deal with world powers in 2015, the US has maintained a raft of its own sanctions that continue to hamper investment and cause concern among foreign businesses.
Since the nuclear deal came into effect in January 2016, Iran has increased oil production from 2.6 million barrels per day (bpd) to 3.9 million bpd, while more than doubling its oil exports.
In January, Tehran approved 29 international companies to bid for oil and gas projects. However, it is still finalizing a new contract for foreign investors — a process that has proved controversial in a country with strong memories of past exploitation by global oil firms.
Extension of output cuts
Most oil producers support an extension of output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries, and Iran would also back such a move, Iranian Oil Minister Bijan Zanganeh was quoted as saying.
“(Zanganeh) stressed that most countries want OPEC’s decision to be extended," the Iranian Students’ News Agency (ISNA) reported.
“Iran also supports such a decision and if others comply, so would Iran,” Zanganeh told reporters late on Saturday, according to ISNA.
The market has been oversupplied since mid-2014, prompting members of OPEC and some non-OPEC producers to agree to cut output in the first six months of 2017. OPEC meets on May 25 to consider extending the cuts beyond June.
Iran boosts gas production from underwater field
Iran boosts gas production from underwater field
First EU–Saudi roundtable on critical raw materials reflects shared policy commitment
RIYADH: The EU–Saudi Arabia Business and Investment Dialogue on Advancing Critical Raw Materials Value Chains, held in Riyadh as part of the Future Minerals Forum, brought together senior policymakers, industry leaders, and investors to advance strategic cooperation across critical raw materials value chains.
Organized under a Team Europe approach by the EU–GCC Cooperation on Green Transition Project, in coordination with the EU Delegation to Saudi Arabia, the European Chamber of Commerce in the Kingdom and in close cooperation with FMF, the dialogue provided a high-level platform to explore European actions under the EU Critical Raw Materials Act and ResourceEU alongside the Kingdom’s aspirations for minerals, industrial, and investment priorities.
This is in line with Saudi Vision 2030 and broader regional ambitions across the GCC, MENA, and Africa.
ResourceEU is the EU’s new strategic action plan, launched in late 2025, to secure a reliable supply of critical raw materials like lithium, rare earths, and cobalt, reducing dependency on single suppliers, such as China, by boosting domestic extraction, processing, recycling, stockpiling, and strategic partnerships with resource-rich nations.
The first ever EU–Saudi roundtable on critical raw materials was opened by the bloc’s Ambassador to the Kingdom, Christophe Farnaud, together with Saudi Deputy Minister for Mining Development Turki Al-Babtain, turning policy alignment into concrete cooperation.
Farnaud underlined the central role of international cooperation in the implementation of the EU’s critical raw materials policy framework.
“As the European Union advances the implementation of its Critical Raw Materials policy, international cooperation is indispensable to building secure, diversified, and sustainable value chains. Saudi Arabia is a key partner in this effort. This dialogue reflects our shared commitment to translate policy alignment into concrete business and investment cooperation that supports the green and digital transitions,” said the ambassador.
Discussions focused on strengthening resilient, diversified, and responsible CRM supply chains that are essential to the green and digital transitions.
Participants explored concrete opportunities for EU–Saudi cooperation across the full value chain, including exploration, mining, and processing and refining, as well as recycling, downstream manufacturing, and the mobilization of private investment and sustainable finance, underpinned by high environmental, social, and governance standards.
From the Saudi side, the dialogue was framed as a key contribution to the Kingdom’s industrial transformation and long-term economic diversification agenda under Vision 2030, with a strong focus on responsible resource development and global market integration.
“Developing globally competitive mineral hubs and sustainable value chains is a central pillar of Saudi Vision 2030 and the Kingdom’s industrial transformation. Our engagement with the European Union through this dialogue to strengthen upstream and downstream integration, attract high-quality investment, and advance responsible mining and processing. Enhanced cooperation with the EU, capitalizing on the demand dynamics of the EU Critical Raw Materials Act, will be key to delivering long-term value for both sides,” said Al-Babtain.
Valere Moutarlier, deputy director-general for European industry decarbonization, and directorate-general for the internal market, industry, entrepreneurship and SMEs at European Commission, said the EU Critical Raw Materials Act and ResourceEU provided a clear framework to strengthen Europe’s resilience while deepening its cooperation with international partners.
“Cooperation with Saudi Arabia is essential to advancing secure, sustainable, and diversified critical raw materials value chains. Dialogues such as this play a key role in translating policy ambitions into concrete industrial and investment cooperation,” she added.
