BAKU, Azerbaijan, Dec. 16
By Elnur Baghishov - Trend:
Iran guarantees to buy equipment necessary for its oil industry from the local producers, Iranian Petroleum Minister Bijan Namdar Zanganeh at the meeting on oil industry equipment in Tehran, Trend reports citing Shana News Agency.
The minister noted that the Iranian Petroleum Ministry supports local equipment manufacturers, but they should have quality certificates.
The ministry will seriously support the research centers and start-ups in the petroleum sector as well as students interested in this field, Zanganeh added.
"We plan to suggest establishment of Oil Industry Innovation Fund and it's initial assets will amount to one billion rials (roughly $23,800)," Zanganeh said.
A location has been identified in Rey city of Iran's Tehran province for accommodating start-up companies, and according to forecast, 150 start-ups will come together here, according to the minister.
Iran currently has 836.4 billion barrels of liquid hydrocarbon (crude oil and gas condensate) reserves and about 34 trillion cubic meters of gas. In general, Iran ranks first in the world with its hydrocarbon reserves.
Iran's Petroleum Ministry has four major companies. These companies are the National Iranian Oil Company (NIOC), the National Iranian Gas Company (NIGC), the National Iranian Oil Refining and Distribution Company (NIORDC) and the National Iranian Petrochemical Company (NIPC).
The US imposed sanctions on Iran in November 2018. The sanctions have caused certain problems related to Iran's oil production, exports and oil sector equipment. Iran is taking steps to address the oil sector's problems. The plans include not to export crude oil, but to refine and convert oil into finished products.