TEHRAN (Tasnim) Head of Irans Industrial Development and Renovation Organization (IDRO) Gholam Reza Shafeyee announced that domestic manufacturers are ready to produce equipment needed for oil industry.Addressing aninternational conferenceon opportunities in Iran's oil and gas industry here in Tehran on Sunday, Shafeyee said that $501 billion must be invested in the oil industry by 2025, adding that 60 to 65 percent ofthe investmentwill be spent on purchasing oil industry equipment.
"It is natural that we expect that half of the $300 billion, which would be spent on purchasingequipmentfor theoil industryprojects, be handed over to domestic manufacturers."
He emphasized thatdomesticmanufacturers are ready to produce a value of $150 oilindustry equipment.
The IDRO chief said his organization is active in various industries, including agriculture, transportation, development of firms and manufacture ofmachine tools.
IDRO Group is one of thelargest companiesin Iran. It is also one of the largest conglomerates in Asia. IDRO's objective is to develop Iran's industry sector and to accelerate the industrialization process of the country and to export Iranian products worldwide. Today, IDRO owns 117 subsidiaries and affiliated companies inside and out of the country.
By Tasnim News Agency
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