BAKU, Azerbaijan, January 7. A memorandum of cooperation, which envisages manufacturing of certain equipment by Iranian startup companies for National Iranian Gas Company (NIGC) was signed, Trend reports.
The $500-million deal was struck by NIGC and Iranian President Office’s Science, Technology, and Economic Knowledge Base Department, which manages the local startups.
The deal aims to support local start-up companies in producing 12 types of equipment for the NIGC.The signatories of the deal were Majid Chegeni, the NIGC’s CEO and Iran’s Deputy Oil Minister, and Rouhollah Dehgani Firouz Abadi, Iran’s Vice President.
Chegeni explained to the reporters that the deal would enable startup companies to manufacture the essential equipment for the NIGC. He added that the equipment, which includes smart meters and data exchange devices, would be tested in 6 provinces.
Chegeni expressed hope that the equipment would be ready by March 20, 2025.
He also revealed that the NIGC plans to invest up to $2 billion in the start-up sector in the next few years.
Iran stands second in the world for gas reserves, with about 34 trillion cubic meters of gas. The county's gas production capacity is currently more than 1 billion cubic meters per day.
On average, Iran currently produces about 259 billion cubic meters of gas annually and more than 800 million cubic meters daily.
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