Iran Oil Ministry to Sign Deals Worth $6b With Local Firms

Oil Minister Bijan Namdar Zanganeh has urged the need to support the private sector in line with the country's push toward indigenization of oil and gas equipment, saying his ministry has devised plans to oil the wheels of the sector by giving incentives to local companies.
In a recent TV interview, Zanganeh said over $6 billion worth of oil contracts will be assigned to local upstream and downstream companies in the current fiscal, which started on March 21, to manufacture much-needed equipment in oil and gas sectors, Mehr News Agency reported on Tuesday.
The minister added that the government has called for allocating major projects to local EPC (engineering, procurement, and construction) and EPD (engineering, procurement and drilling) contractors.