$740 Million Investment for Turbo Compressor Localization

A total of $740 million will be allocated to indigenize turbo compressors and turbines used in the oil industry, the managing director of the National Iranian Oil Company said.
Mohsen Khojstehmehr made the announcement at a ceremony to sign the contract for the manufacture of 14 turbo compressors, 15 megawatts each, between NIOC and the Oil Turbo Compressor Company on Friday, Tasnim News Agency reported.
Stating that rotating equipment, including turbo compressors, in oil and gas facilities are old and have low efficiency, he said, “Due to sanctions, the foreign manufacturers of turbo compressors are not willing to repair such facilities. Therefore, NIOC decided to entrust the production of 14 turbo compressors to OTC and it is the first time the rotating equipment is being indigenized.”