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Afghanistan&s Ministry of Mines and Petroleum reports that the country&s lucrative oil sector is generating growing interest from a number of countries in the region including Iran, Turkey, Russia and Uzbekistan.According to officials, companies in these countries have shown serious interest in investing in the extraction and refinement processes.The ministry has however called on Afghan investors to also take advantage of opportunities in the sector.Afghanistan&s Crude Oil Refinery Union has meanwhile urged the Islamic Emirate to support local investors in the extraction process but also by establishing refineries that meet international standards.Afghanistan&s Crude Oil Refinery Union has meanwhile urged the Islamic Emirate to support local investorsAfghanistan Chamber of Commerce and Investment (ACCI) officials meanwhile called on the ministry to also focus on increasing the operational capacity of established oil extraction companies and in building refineries instead of focusing on attracting foreign investors.Muhammad Younus Mohmand, Vice-Chairman of the ACCI, said: &Our wish is that the refineries that people invest in, in Afghanistan, should be supported.&According to union officials, over $300 million has already been invested in the sector in the country, providing jobs to thousands of workers.Working towards self-sufficiencyDespite having over 200,000 square kilometers of oil and gas reserves, Afghanistan currently purchases nearly 90 percent of its oil and gas needs from Central Asian countries and Iran.But growing interest from companies in the region could mark a significant shift in Afghanistan&s energy sector, potentially reducing its reliance on imports and boosting regional economic ties.Earlier this month, the ministry of mines and petroleum reported that it had successfully sold $80 million in crude oil.For Afghanistan this was a major leap in the direction of growth, especially after China&s Xinjiang Central Asia Petroleum and Gas Company&s (CAPEIC) investment in Afghanistan last year of $49 million has helped boost the country&s daily crude oil output to more than 8,000 bpd.Spanning Afghanistan and Tajikistan, the Amu Darya basin, where oil is extracted, is estimated to contain 962 million barrels of crude oil and 52,025 billion cubic feet of natural gas.So far, CAPEIC&s investment of $49 million in Afghanistan has helped boost the country&s daily crude oil output to more than 1,100 metric tons (8,000 barrels per day), a volume that could increase significantly.
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