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Minister: Iran invests $140 billion in oil industry since 2005

Iran Materials 25 August 2012 13:42

Azerbaijan, Baku, Aug.25/ Trend F.Milad/

Iranian Oil Minister Rostam Qasemi said that some $140 billion have been invested in the oil industry since President Mahmoud Ahmadinejad took office in 2005.

He added that a movement has been launched to become self-sufficient in manufacturing the equipments of the oil industry, the Shana News Agency reported.

He also said that the country is producing some 262 million liters of oil products per day.

Global sanctions against Iran do not have any hindering effect on the country's oil industry. They have turned the Islamic republic into an exporter of equipment and goods, Qasemi said in May.

"Despite all threats of the enemies, there is no concern regarding development of the oil industry relying on expertise and knowledge of Iranian scientists," he said, the IRNA News Agency reported.

Iran plans to become self-sufficient in producing 19 highly used goods which are strategic in the oil industry, deputy oil minister for technology Mohammad-Reza Moqaddam said.

Mohammad-Reza Moqaddam said that technologies for manufacturing 19 oil goods should be indigenized by the end of the fifth five-year development plan (2015), the Mehr News Agency reported.

The strategic goods include onshore and offshore drilling rigs, pumps, turbines and precision tools, he noted.

He added that domestic production of 52 petrochemical catalysts will be started in the near future.

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