Moshen Rezaei, who was impressed by the products and achievements displayed at the 26th International Oil, Gas, Refining and Petrochemical Exhibition, described the downstream and upstream industries’ innovations as “great”.

The vice president, however, told reporters, “We are just at the beginning of the road and need to accelerate the industrialization process in the coming years.”

Iran Oil Show provides a good opportunity for unveiling the country’s technical achievements that will help speed up the process of industrialization, he continued.

Selling raw materials [namely crude oil] does not generate capital, noted Rezaei and added, “We have to fully meet our domestic needs and achieve self-sufficiency in innovations.”

The four-day Iran Oil Show 2022, which opened on Friday, is hosting 1,200 Iranian and 44 foreign companies or their agents.

Every year, the country hosts the international event in ‎different oil, gas, refining and petrochemical sectors. It is ‎among the most significant oil and gas events in the world ‎in terms of the number of participants and its diversity. ‎

The presence of top foreign companies, domestic producers, and industrialists provides a good opportunity for bilateral and multilateral cooperation.

Iran sits atop 11 percent of oil and 18 percent of gas reserves in the world.