Iran on brink of manufacturing self-sufficiency

Iran Materials 11 January 2012 13:19 (UTC +04:00)

Azerbaijan, Baku, Jan. 11 / Trend F.Milad/

Iran is on the verge of reaching self-sufficiency in manufacturing equipment needed for the domestic oil industry, Oil Minister Rostam Qasemi said, IRNA reported.

"A major portion of the equipment is currently provided by domestic manufacturers," Qasemi said, adding that the global economic sanctions have proved to be ineffective on Iran's oil industry.

National Petrochemical Company's managing director Abdolhossein Bayat said on Jan. 2 that up to 25 percent of parts used in Iran's oil industry are domestically-made.

Bayat noted that 15-16 percent of the equipment is manufactured totally inside the country and if the various parts are also taken into account, the figure would rise to 25 percent.

Qasemi had previously said that 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.

The country needs to increase its output to 5.1 million barrels a day from current 3.9 million barrels by 2015, he added.