Saipem to make, export oil equipment in Iran

Business Materials 12 February 2016 18:52 (UTC +04:00)

Tehran, Iran, February 12

By Mehdi Sepahvand - Trend:

Iran has reached a MoU with Italian Saipem for joint production and export of oil equipment from Iran, said the member of the board of directors of Iran's Oil Industry Producers Association Reza Padidar.

"We will boost the oil equipment export capacity in plans," he said. "In the 2-year plan, we will boost export by 15 percent, in the 3-year plan by 30, and in the 5-year plan by 35 percent," he said, ILNA news agency reported February 12.

According to Padidar, the MoU says that 30 percent of the total production should be exported.

He added that Iran has requested technical support for the development of upstream sections, including the E&P projects.

"After the upstream sections, we will also need help with down and mid-stream sections," he further said.

Iran is currently exporting five percent of its domestically-made oil equipment to India, Malaysia, Germany, Singapore, Iraq, Azerbaijan, Turkmenistan, and Algeria.

"We also asked Italian oil companies to come and take part in Iran's oil industry development with investment if they can," Padidar further stated.

Iran's oil industry has remained underdeveloped due to years of economic sanctions.