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Domestic Oil Equipment Competitive

Domestic Oil Equipment CompetitiveDomestic Oil Equipment Competitive

Domestic oil equipment producers are capable of competing with foreign brands in international markets and meeting domestic needs.

“I am positive that due to competitive prices, even the Chinese cannot rival us in this sector,” managing director of Iranian Petroleum Equipment Manufacturers’ Association, Reza Padidar, said on Saturday.

According to the official, domestic producers manufacture 70% of the equipment while only 30% of the industry’s spare parts and equipment are imported, ILNA reported.

“Our producers can meet their deadlines provided contractors fulfill their financial commitments and settle their unpaid dues,” he said.

Asked about the low quality of domestic products compared to imported ones, which delays projects, Padidar said, “Our technological and manufacturing capabilities will not increase unless we invest heavily in this industry.”

Out of 1.2 million items required by the oil and gas industry, 800,000 items are produced domestically, all of which are compatible with international standards. Some of the equipment include turbines, compressors, pumps, drilling and security equipment, pipes and catalysts.

“The most challenging hindrance is lack of confidence in the capabilities of domestic producers. If there was such a confidence, not only domestic but also foreign investors would be willing to advance this sector and economic prosperity would be guaranteed,” he said.

Underscoring the achievements of the recent conference held in Vienna three days ago, Padidar said constructive negotiations were held with foreign petrochemical firms and preliminary agreements were reached with German companies to undertake joint ventures.

“Iran’s petrochemical industry needs investment worth $70 billion to complete unfinished projects,” he said.

Financialtribune.com