Iranian President Mahmoud Ahmadinejad participated in the inauguration ceremony of two developmental projects in Hormozgan province, Southern Iran, on Thursday.
The two major projects were implemented to boost oil production capacity and annual shipping capacity in the Persian Gulf region.
The first project was an important oil project to increase production capacity of the Hengam oilfield to 30,000 bpd from its present 16,000 barrels.
Hengam oil field is located about 45 km off Iran's Qeshm Island in the Persian Gulf and straddles the common sea border with Oman.
At the end of the next Iranian calendar year (March 20, 2015), oil production in Hengam oilfield is planned to increase to 45,000 bpd.
Iran shares oil and gas fields with most of its neighbors, including Iraq, Kuwait and Persian Gulf littoral countries, Qatar and Oman.
President Ahmadinejad also inaugurated a port development project in the Persian Gulf Special Economic Zone (PGSEZ) which is located along with the Persian Gulf's coastal areas.
The project would double the annual capacity of loading and unloading minerals and metals in the PGSEZ from its present six million tons.