Oil Ministry to Modify Contracts With Domestic Parts Producers

The Oil Ministry plans to modify the contracts it had earlier signed with domestic oil parts manufacturers so that they would be able to fulfill their commitments, the head of the Society of Iranian Petroleum Industry Equipment Manufacturers said.
Welcoming the ministry’s scheme to increase the value of agreements to support domestic producers against the surge in foreign currencies, Reza Khayyamian added that Iran’s oil industry will face challenges in procuring its required equipment if domestic manufacturers are undermined, IRNA reported on Sunday.