The approval for the nongovernmental research and technology fund, known as a corporate venture capital fund for the oil refining industry, was based on a decision by the permanent working group of the Technology-Based Economy Steering Council, according to a company statement.

The fund aims to integrate research and technology activities in the refining sector and invest in tech-based companies to boost productivity, create added value, reduce operational risks and support a technology-based economy. It will also provide financial and strategic backing to knowledge-based firms and technology projects in refining. The National Iranian Oil Refining and Distribution Company plans to launch the fund in the 1404 Iranian calendar year.

Three refineries have participated in establishing the fund, and other refineries will join its shareholder structure in the next phase.