A ceremony was held on Monday, April 12, 2021, to launch the fund in the presence of senior oil industry officials including Iranian Minister of Petroleum Bijan Zangeneh.

On the sidelines of the opening ceremony of the fund, a guaranteed purchase contract for 10 ESP pumps was signed between the fund and Parsian Fanavaran Company and another contract for guaranteed purchase of 30 PDC drilling rigs was signed between the fund and Asmari Company on the premises of the Iranian Ministry of Petroleum.

The fund also signed two contracts in the field of venture capital contracts and extendable loans to startup companies; firstly a VC contract of artificial intelligence in the field of HSE was inked with Faradid Company and, secondly, a VC contract of EO a refining project was singed with Aban Company.

A sum of Rls. 20,000 billion credit has been provided to knowledge-based companies through the guarantee of the fund and Tejarat Bank's credit line; so far, about Rls. 1,000 billion of contract-based guarantees have been provided to technology companies.

Oil Industry Research and Technology Fund was established in August 2020 in the presence of 12 shareholders of major oil industry companies. The fund is a financial institution to provide financial services to active technology companies and startups in the oil industry.