70% of Iran's oil industry equipment produced domestically
BAKU, Azerbaijan, Nov. 19
By Elnur Baghishov - Trend:
Presently, 70 percent of Iran's oil industry equipment is produced domestically, an official with the Iranian Petroleum Industries Equipment Manufacturers Association Sirous Talari said, Trend reports citing Mehr News Agency.
Talari noted that 20 percent of the remaining share will also be produced domestically by reverse-engineering.
He added that the rest 10 percent is being imported due to challenges that hinder domestic production.
Currently, 150 startup companies are operating in Iran in the field of oil industry equipment production, Talari said.
The official added that the Petroleum Industries Equipment Manufacturers Association is facing problems in banking, finance, import-export rules and customs procedures. As an example, Talari noted that banks do not issue the needed means to manufacturers.
Main problems in banking stem from the rules set by Iranian Oil Ministry, Industry, Mine and Trade Ministry and the Central Bank, Talari said, adding that these rules should be revised and amended.