Private Co. to Build Offshore Oil Rigs

Private Co. to Build Offshore Oil RigsPrivate Co. to Build Offshore Oil Rigs

Construction of the first offshore oil platform in the southern oil-rich is another demonstration of a promising future for the domestic marine industries, Mohammad Reza Nematzadeh, the minster of industries, mines and trade said on the sidelines of signing the contract to build the first five offshore oil rigs.

"Two small-scale floating offshore platforms were built in the north some years ago; however, this is the first time that a private company, the Razavi Oil and Gas Company, has embarked on a major undertaking," he was quoted by ISNA as saying. Each domestically-manufactured platform will help save $200 million, besides, "it helps us keep pace with neighboring states from which we are exporting our much-needed installations."

Highlighting the role and significance of the "unattended" marine industry in Iran, Nematzadeh said in the past few years very large crude carriers (VLCCs) as well as passenger vessels have been imported. If only half of them had been built domestically, not only would it create jobs for 10,000 engineers and technicians, but also help the country emerge as an exporter in the key sector, the minister noted.

Ali Yabghar, executive manager and head of Razavi consortium said on Tuesday, "This is an important day in Iran's oil and gas industry and building oil platforms inside the country is no more a distant dream," Tasnim news agency reported.

Razavi Company will strive to become leading oil and gas company and a low-cost producer and refiner of hydrocarbons. It will endeavor to operate as an environmentally-friendly   company and maintain the highest standards in health and safety of its personnel and the community at large, he added. The firm is a private joint stock company formed in 2007.

Underscoring the government's strong will and desire to promote local manufacturers, Yabghar noted, "The first drilling rig will become operational in one year with 58 percent domestically-made equipment. As we advance, 85 percent of the platforms will be built in Iran, should the National Development Fund, the Oil Ministry and the Bank of Mining and Industry fulfill their pledges.