Nisoc Managing Director Seifollah Jashnsaz said: "We drew up the plan after (acting Oil Minister Gholamhossain) Nozari asked us to one month ago and we shall send the proposal to Tehran next week.

"If Mr Nozari approves the proposal, we shall start (immediately) and I promise we shall be producing 50,000 barrels per day within one year," he told Upstream at his headquarters in the oil city of Ahwaz.

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