84820
Over $6 billion worth of oil contracts will be signed with local upstream and downstream companies to support the private sector.
Over $6 billion worth of oil contracts will be signed with local upstream and downstream companies to support the private sector.
Wednesday, April 18, 2018

Iranians Capable of Producing 80 Percent of Oil Equipment

Iranian enterprises, which will be commissioned to conduct the Oil Ministry’s 36 projects, are not allowed to import equipment manufactured locally
Teaming up with big names like BP, Eni, OMW and Total can help Iranian manufacturers expand their foothold in the increasingly saturated oil market
Wednesday, April 18, 2018

Iranians Capable of Producing 80 Percent of Oil Equipment

Domestic manufacturers are capable of providing technical services and producing 80% of advanced oil equipment to develop downstream and midstream projects that will be tendered by the Oil Ministry soon, the head of the Society of Iranian Petroleum Industries Equipment Manufacturers said.

"Although we have been deprived of cutting-edge technology to manufacture machinery to launch upstream ventures, our factories can meet at least 50% of contractors' need for state-of-the-art equipment," Reza Khayyamian was also quoted as saying by ISNA.
 
Pointing to the Oil Ministry's plan to undertake 36 projects in the current fiscal, which started on March 21, Khayyamian said, "As per the ministry's rules, qualified Iranian contractors are obliged to purchase locally-made equipment."

According to the official, over $6 billion worth of oil contracts will be signed with local upstream and downstream companies to support the private sector in line with the country's push toward indigenization of oil and gas equipment, including control valves, pipes and rotating machines.

Premium

Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Short URL : https://goo.gl/6i7UBo
04/18/2018
  1. https://goo.gl/v8uxeE
  • https://goo.gl/iQX3An
  • https://goo.gl/d2EB5b
  • https://goo.gl/Rvhq6p
  • https://goo.gl/knpauk

You can also read ...

Shell in Talks to Sell $2b Worth of Nigeria Assets
Royal Dutch Shell Plc is in talks to sell two Nigerian oil...
Germany Suggests India Continue Iran Oil Imports
Speaking to Indian TV, Germany voiced hope that India would...
Japan Will Face Higher Gasoline Prices After Halting Iranian Crude Purchase
Japan’s major oil distributors are considering halting oil...
Argentina to Export Natural Gas to Chile
Argentina will begin exporting natural gas to Chile from...
Egypt Hikes Gas Price by 75%
Egypt said on Saturday it was raising the price of natural gas...
Cheap Fossil Fuels Hinder Renewables Development
The key factor hindering renewable energy development in Iran...
NIDC Indigenizes  Eco-Friendly Well Test Burner
The National Iranian Drilling Company's experts have designed...

Add new comment

Trending

Googleplus