NIOC to Help Startups Play Bigger Role in Energy Sector

The National Iranian Oil Company is ready to conclude agreements worth $700 million with knowledge-based companies to enhance the production of 750 oil and gas wells across the country, managing director of the state-run firm said.
"As soon as the government's Economic Council issues the necessary permits, several contracts will be signed and startups can play a bigger role in the energy sector,” Mohsen Khojastehmehr was also quoted as saying by IRNA.
NIOC is determined to create opportunities for startups and pave the way for knowledge-based firms so that they can bolster different sectors of the oil and gas industry, especially those active in manufacturing pipes, turbines and compressors, he added.
According to the official, deals worth $100 million were clinched with universities and technology-driven business owners in 2021 and more contracts will be drawn up soon.