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Iran aims to put more work into projects for domestic production of oil-gas sector equipment

Oil&Gas Materials 7 December 2022 16:11 (UTC +04:00)
Iran aims to put more work into projects for domestic production of oil-gas sector equipment
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, December 7. Iran will take steps to boost work of some 104 projects for the domestic manufacturing of oil and gas related equipment, which will be produced in the country for the first time, Iranian Deputy Oil Minister Vahid Reza Zeydifard told Shana News Agency, Trend reports.

The deputy minister said that with implementation of the mentioned projects, the production cost of the equipment will decrease by 30-60 percent compared to their foreign equivalents.

“Thus, Iran will save more than $300 million a year, which is considered a big figure for the country under sanctions,” he added.

According to Zeydifard, in this regard, contracts worth $32 million were signed on 37 out of 104 projects from the beginning of the current year (March 21, 2022) to the end of the 7th month (October 22, 2022).

In addition, contracts within 19 projects have been prepared and will be signed soon, while 48 projects are being investigated by a working group at Iranian Oil Ministry, the deputy minister noted.

He also pointed out that Iran's Oil Ministry attaches importance to start-up companies on domestic manufacturing of oil and gas equipment that will be produced for the first time in the country. In this direction, the ministry plans working with 2,011 manufacturing companies and start-up companies.

The US imposed new sanctions on Iran in November 2018. Over the past period, the sanctions affected Iranian oil exports, more than 700 banks, companies, and individuals. The sanctions have resulted in the freezing of Iranian assets abroad.

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