Financial Tribune - Manufacturers of oil and gas equipment and machinery have the potential to generate $5 billion in export revenue a year, head of the Iranian Oil Equipment Manufacturers' Association said.

"Domestic companies have indigenized almost 85% of petroleum and gas processing and production equipment. Despite the progress they still cannot have their fair share in international markets," Sirous Talari was quoted as saying by ISNA.

The remaining machinery and tools (15%) cannot be made domestically either due to tech shortcomings or lack of basic materials, he said, adding that there is no country that can be 100% self-reliant and setting up production lines for some parts and equipment is not cost-effective and must be imported.