BAKU, Azerbaijan, June 21. Iran is expected to provide loans to 178 startup companies in the oil and gas sector, an official of Iranian Oil Ministry Erfan Riahi said, Trend reports citing Shana News Agency.
He made the remark at an event dedicated to the signing of an agreement between the Iranian Oil Ministry and the Export Development Bank of Iran on June 21, 2022.
According to Riyahi, the mentioned companies were selected from 354 companies that applied to the Iranian Oil Ministry to operate in the oil and gas sector.
“The ministry has, so far, approved the issuance of loans worth 100 trillion rials (about $2.38 billion) to these companies, and the list of the companies was announced to 4 Iranian banks (Iran’s Mellat Bank, Bank Melli Iran, Tejarat Bank, Export Development Bank). The loans will be provided to companies at 9 percent,” he said.
The official emphasized that the Iranian Ministry of Oil is considering the increase in production from oil and gas wells, use of technologies to increase the value of downstream products, the domestic production of equipment, and the prevention of burning of flare gas as priorities.
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