16 February 2021 - 15:52
  • News Code: 313696
SIPIEM inks €3.2b Deal with PGPIC

TEHRAN (Shana) -- The head of the Society of Iranian Petroleum Industry Equipment Manufacturers (SIPIEM) said the association had signed a 3.2-billion euro memorandum of understanding with the Persian Gulf Petrochemical Industries Company (PGPIC) with the aim of supplying goods and equipment for petrochemical projects and complexes.

Majid Mohammadpour said on Monday that currently 80 to 85% of the equipment required in oil, gas, petrochemical and refining projects were being supplied by domestic providers, adding localization of 10 groups of items are being considered by government and private sectors in Iran.

He added: "In the current situation, an acceptable capacity has been provided for localization and Iranianization of goods and equipment domestically, which is the most important support for Iranian companies to strengthen demand."

SIPIEM head further referred to the membership of more than 200 Iranian knowledge-based companies in SIPIEM, adding: “If demand is not stimulated in the form of designing new projects in the oil industry, we will see widespread migration of Iranian knowledge-based companies abroad.”

Mohammadpour went on to add that by signing the MoU with PGPIC, 60% of the capacity of the manufacturers of knowledge-based companies active in the field of equipment and goods supply required by the oil industry would be exploited.”

News Code 313696

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