25 per cent of Iran’s oil industry equipment made locally

Iran Materials 2 January 2012 16:36 (UTC +04:00)

Azerbaijan, Baku, Jan. 2 / Trend F.Milad/

Up to a quarter of parts which are used in Iran's oil industry are domestically-made, the National Petrochemical Company (NPC) managing director stated.

Abdolhossein Bayat told the ISNA news agency that 15-16 per cent of the equipment is completely manufactured inside the country and if the separated parts are also taken into account, the figure would rise to 25 per cent.

Iran plans to invest as much as $50 billion a year in its oil industry to maintain its position as OPEC's second-largest crude exporter and boost natural gas production, Oil Minister Rostam Qasemi said.

The country needs to increase its output to 5.1 million barrels a day from current 3.9 million barrels by 2015, Mr Qasemi said.