BAKU, Azerbaijan, May 8. Iranian National Company South Oil Zones will sign circa seven contracts for eight trillion rials ($190 million) for oil and gas equipment on May 8–11, said Mohammad Golestanbagh, head of the research and technology department of Iran's South Oil Zones National Company, Trend reports.
He claims that the 23rd International Exhibition of Oil, Gas, Refining, and Petrochemicals, which began in Tehran, will be the venue for the signing of these contracts.
Golestanbagh asserted that the contracts pertaining to the equipment, which the National Company of Southern Oil Zones will produce for the first time, will have a value of 15 trillion rials (about $357 million) upon signing.
The official noted that in the current year (from March 20, 2024, through March 20, 2025) until May 8, 8 research contracts have been signed for the production of equipment worth 350 billion rials (about $8.33 million) until now (May 8) with university centers, start-up companies, and research centers, and work is underway to sign eight research contracts worth 700 billion rials (about $16.7 million).
Meanwhile, the South Iranian Oil Zones National Company, part of the National Oil Company of Iran, owns 45 large and small hydrocarbon fields over an area of 400,000 square kilometers from Iran's Bushehr Province to the north of Khuzestan Province. This company produces about 80 percent of Iran's crude oil and 16 percent of its gas.
To note, the 4-day 23rd International Exhibition of Oil, Gas, Refining, and Petrochemicals kicks off on May 8 in Tehran.
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