Iran expands manufacturing of equipment in oil sector

Oil&Gas Materials 18 January 2021 15:21 (UTC +04:00)

BAKU, Azerbaijan, Jan. 18

By Elnur Baghishov – Trend:

The manufacturing of equipment used in the oil, gas, and petrochemical sectors in Iran increased by 20 percent in the current Iranian year (from March 20, 2020, to March 21, 2021), compared to last Iranian year (from March 21, 2019, to March 20, 2020), Head of Iranian Petroleum Industries Equipment Manufacturers Association, Majed Mohammadpour said, Trend reports citing the association’s website.

According to him, 65 percent of the equipment in Iran's oil, gas and petrochemical sectors was manufactured domestically in the last Iranian year. This figure amounts to 85 percent, at present.

The official added that there are 820 companies operating in Iran on the manufacturing of equipment used in the oil sector. There are 2,000 enterprises under these companies. And about 80,000 people work in these enterprises.

Mohammadpour emphasized that currently, 5 billion euro worth of equipment can be manufactured in the oil sector of Iran.

The official noted that due to declining demand, about 40 percent of the potential of producers is not used, at present.