BAKU, Azerbaijan, December 11. The National Iranian South Oil Company (NISOC) plans to save 29 million euros in the next three years due to the local production of various kinds of equipment, said Mohammad Golestanbagh, Director of Research and Technology Department of the NISOC, Trend reports.
“Recently, three contracts have been signed between the Science, Technology, and Economic Knowledge Base Department of the Iranian President Office and the Iranian local start-up companies on the domestic production of the equipment,” Golestanbagh said.
He added that within the framework of the contract, it is planned to spend three trillion rials (about $71.4 million) to produce various types of equipment needed by the NISOC. Iran's start-up companies have already started to execute the contracts.
According to the director, a total of five million euros will be saved when the work is completed on these contracts.
“In addition to three contracts, recently eight contracts were signed between the Department of Science, Technology, and Economic Knowledge Base of the President Office of Iran and the local startup companies. Under these contracts, the production of various types of equipment needed by Iran's NISOC will begin,” he said.
He also stated that 14.3 trillion rials (about $340 million) are planned to be spent on the eight contracts mentioned. As a result, 600 people will be employed, and approximately 24 million euros will be saved.
As of today, the details of the equipment and names of local startups have not been disclosed.
The National Iranian South Oil Company, a subordinate of the National Iranian Oil Company, operates 45 large and small hydrocarbon deposits in an area of 400,000 square kilometers from Iran's Bushehr Province to the north of Khuzestan Province.
The company extracts about 80 percent of Iran's crude oil and 16 percent of its gas.
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