Iran allots $330m to R&D projects by domestic universities


TEHRAN, April 16 (Shana) –- Iranian Minister of Petroleum Bijan Zangeneh said the country has allocated over IRR 10,000b to research and development projects on the country’s oilfields to be carried out by Iranian universities and research centers.

Addressing an oil conference here in Tehran on Saturday, Zangeneh said for the first time in the history of petroleum industry in Iran, research projects have been ceded to domestic universities and deals worth up to $330b have been signed with them for carrying out research projects over Iranian oil and gas fields.

The official said now that US-led sanctions on Iran’s economy are being lifted, the universities will enjoy cooperation with foreign partners in their petroleum studies.

He also underlined the need for tapping domestic capabilities in petroleum industry.