News ID: 279816
Published: 0350 GMT January 23, 2021

Minister: Iran 80% self-sufficient in producing oil industry equipment

Minister: Iran 80% self-sufficient in producing oil industry equipment

Domestic Economy Desk

Iran is capable of producing at least 80 percent of the oil industry equipment domestically, said the Iranian oil minister.

Speaking on the sidelines of the 25th Iran International Oil, Gas, Refining and Petrochemical Exhibition (January 22-25) on Saturday, Bijan Namdar Zanganeh added the domestic oil industry is at present capable of building prefabricated processing units as well as producing, among other things, rigs, drills and cryogenic sheets, Shana reported.

He noted that the domestic oil industry is faced with a shortage of capacity in producing seamless pipes and in need of investments in manufacturing CRA (corrosion-resistant alloy) pipes.

Listing chemicals and catalysts as the other products needed by the domestic oil industry, the minister said in the past few years, the country has made a leap in boosting production and achieving self-sufficiency in this sector.

He added domestic producers, mainly including new technology-based firms, have managed to produce most of the catalysts and chemicals required by petrochemical and refinery units across the country through close cooperation with universities, the Research Institute of Petroleum Industry and Petrochemical Research and Technology Company.

Zanganeh named rotary equipment as the other type of products manufactured by domestic companies, saying major Iranian firms, including Oil Turbo Compressor Construction Company and MAPNA Group, currently produce turbines, gas transfer compressors and pumps for transferring oil and petroleum products.

He stressed that providing financial resources for defining and continuing implementation of oil industry projects helps revive hundreds of domestic companies and contractors and guarantee sustainable activities by them.

The minister listed measures to facilitate allocation of financial resources to domestic firms as prioritizing funding private companies’ projects from the resources of the National Development Fund, obtaining loans from banks, raising finance and attracting foreign investments.

In an address to the opening of the exhibition on Friday, Zanganeh said Iran’s oil production and exports have increased significantly in recent months with the sales of petroleum products hitting record highs despite US sanctions.

“We set the highest record of exports of refined products in the history of the oil industry during the sanctions period,” despite Washington’s policy of maximum pressure and numerous measures and efforts against the country since 2018, when the former US president, Donald Trump, withdrew from the nuclear agreement.

“We will return to the market stronger than before, and faster than expected, if the sanctions are lifted,” the minister said.

"I am not worried about regaining Iran's lost oil market share, and oil buyers do not limit themselves to one or two sellers," Zanganeh added.

He said Trump and his team wanted our exports to reach zero, adding, “They wanted us to perish. Now they are in the dustbin of history, but we are alive and working with more hope to build the country.”

Zanganeh and other authorities have suggested that Iran would be able to swiftly increase its crude exports to levels above three million barrels per day (bpd) if the new administration in the US decides to lift the oil sanctions. They say oil output in the country should reach a target of 8.5 million bpd in the coming years.

Ranked among the top in the industry in terms of variety and audience, Iran Oil Show showcases the country’s latest achievements and announces future plans.

The exhibition’s inauguration ceremony, which was previously postponed due to the coronavirus pandemic, was held at Tehran Permanent International Fairgrounds on Monday, in full compliance with health protocols and strict safety and social distancing procedures.

According to Majid Boujarzadeh, the director of of Iran Oil Show, this edition of the exhibition is focused on domestic production. This year’s expo is themed under the banner of "National Oil, Iranian Goods and Services”.


Resource: Shana
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