Baku, Azerbaijan, May 9
By Khalid Kazimov - Trend:
Iran and Norway have signed a memorandum of understanding (MoU) on oil cooperation.
Research Institute of Petroleum Industry of Iran and Aker Solutions ASA, a Norwegian oil services company, have agreed to cooperate on developing modern oil technologies, IRNA news agency reported.
Deputy head of Research Institute of Petroleum Industry of Iran Amir Abbas Hosseini said that under the terms of the MoU the Norwegian company will contribute to transferring oil technologies to Iran.
The oil industry is the most significant sector of Iran's economy that has been hit hard by sanctions. Tehran is now making efforts to renew its aged oil industry as soon as possible in order to streamline its oil production.
The government has earlier announced that Tehran will prevent the sole purchase of goods from abroad, a bid aimed at obtaining modern technology.