Plan to import oil equipment technology

Tehran, Dec 25, IRNA – The Society of Iranian Petroleum Industries Equipment Manufacturers intends to import the technology of manufacturing oil equipment.
Reza Padidar, the society’s president, said, “We are preparing the ground in this regard by negotiating with foreign companies and attracting more investments.”

Padidar stressed that currently, domestic producers are capable of manufacturing 70 percent of the equipment and only 30 percent of the industry’s spare parts and equipment are imported.

“A portion of the domestic products are exported, accounting for 5 percent of the country’s total exports,” he said.

He put the average profitability of investing in the production of oil spare parts and equipment, petrochemical and distribution sectors at 30, 37 and 32 percent respectively.

Stressing that investment opportunities should be studied in these sectors, Padidar said these sectors guarantee speedy capital return.

The official noted that Iran has high potential in manufacturing oil spare parts and equipment.

“A number of foreign companies used to have favorable cooperation with Iran, which halted due to the imposition of Western sanctions on the country. In case Iran regains its favorable condition, they will resume collaboration,” he said.

Padidar said holding international energy expos in free zones, including Kish Island, will play an effective role in boosting interactions between domestic producers and foreign companies.

By IRNA

 

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