The National Iranian South Oil Company signed 8 contracts worth $380 million with Iranian firms to build items needed in the oil industry.
The Islamic Republic of Iran Broadcasting quoted the CEO of NISOC as saying the items required include chemicals, various pipes, drill parts, safety valves, gate valves, gas turbine parts, and inner-well equipment.
Gholam-Reza Hassan-Beiglou added that these items will be manufactured in 13 months by industrialists from Khuzestan Province up to par with international standards.
He mentioned that the impetus behind these contracts is to support domestic manufacturers, acquire self-sufficiency in the country and reduce foreign currency expenditure.
The official added that the cost of building these parts inside the country is one-fifth of what it would cost if it were imported from outside.