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Iran has restarted exploratory drilling in the shallow Caspian Sea, marking a significant advancement in its oil and gas sector. Initiated on May 9, 2025, during the 29th International Oil, Gas, Refining & Petrochemical Exhibition, the drilling targets a depth of 5,077 meters, the first such activity since 1997. The Iranian Oil Ministry plans to resume deep-water drilling following repairs to the Iran-Amir Kabir platform. This initiative aims to assess the Roudsar structure’s reservoir potential, which could boost Iran’s oil production, create jobs, attract foreign investment, and spur technological advancements in the industry.
Iran’s Ambassador to Baku, Mojtaba Demirchilu, met with Azerbaijan’s Deputy Prime Minister, Shahin Mustafayev, to enhance bilateral economic cooperation. Key discussion points included increasing trade volumes, mutual investments, efficient transportation networks, energy collaboration, and completing infrastructure projects. Both officials emphasized the urgency of implementing previous agreements and strengthening border cooperation to facilitate trade. They also highlighted the need to establish mechanisms for higher goods exchange and to collaborate on vital projects like transportation corridors. This engagement reflects a commitment to a strong partnership and mutual benefits, paving the way for a prosperous future for both nations.
Behzad Salari highlighted the refinery’s vital contribution to the national economy, reporting over 220,000 barrels of gas condensate and over 10 million tons of ethane produced from March to December 2024. The refinery also processed 2 billion cubic meters of gas, alongside significant output of propane and butane. Salari noted successful maintenance initiatives and health, safety, and environmental measures, including process safety studies and employee health programs. He urged community support for the “2 Degrees Less” campaign to conserve energy. Overall, the refinery’s commitment to excellence and sustainability reinforces its key role in the energy sector and national development.
In 2024, Iran achieved a milestone by managing nearly 20 million tons of transit cargo, primarily petroleum products from Iraq’s Kurdistan, enhancing its role in regional logistics. Approximately 88% of this cargo was transported by road. Iran’s Seventh Development Plan aims for 70% road and 30% rail transport, necessitating upgrades in infrastructure, including highways, rail links, and smart border facilities. Geopolitical challenges, such as the Russia–Ukraine conflict, have prompted Iran to strengthen its transit routes and engage in international trade initiatives. A National Transit Headquarters has been established to oversee these operations, emphasizing the importance of academic collaboration in transport strategies.
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During a visit by Iranian President Masoud Pezeshkian to Armenia, the Iranian Minister of Industry emphasized the importance of enhancing economic ties between Iran and Armenia, targeting a trade volume of three billion dollars. Discussions included the formation of a joint working group to facilitate the implementation of agreements and strengthen bilateral relations. Key sectors for collaboration identified were mining, manufacturing, and agriculture. The meeting laid the groundwork for future cooperation, with both nations optimistic about unlocking mutual growth opportunities. Overall, this initiative represents a significant step toward achieving ambitious trade goals and fostering economic collaboration.