Talking to reporters on the sidelines of the last day of the 26th International Oil, Gas, Refining and Petrochemical Exhibition, Seyyed Esmaeil Kefayati added that $750 million should be allocated to the projects of the revival of oil and gas wells, and the Russian companies are keen to invest in these projects.

He revealed that the country is also holding negotiations with a big bank of Qatar on investment in this sector.

In the meantime, he said the contracts will be signed in the near future and knowledge-based companies will cooperate in an effort to increase the production of the wells.

Shifting to a contract with a capacity to create $2.2 billion in added value per annum, Kefayati said the National Iranian Oil Company (NIOC) and the Oil Turbo Compressor Company (OTC) will soon ink a contract on the manufacturing of 14 turbo compressors.

According to him, OTC has also voiced its readiness to manufacture compressors for pressure booster platforms of the South Pars field.

The activities of the Oil Industry Technology and Innovation Park should be developed, he said and continued, “Many a governmental and private oil and gas organization has yet to learn about the capabilities of the park.

“We can expedite cooperation of knowledge-based companies in different parts of the oil and gas industries.”

Kefayati called for the country’s Parliament to pass a new law on knowledge-based companies and technology parks, citing a lack of transparent regulations in this regard.

Iran Oil Show 2022 kicked off at Tehran’s Permanent Fairground on Friday and ends today, May 16.

The four-day exhibition is hosting 1,200 Iranian and 44 foreign companies or their agents.

Apart from domestic participants representing Iran, foreign companies are from Italy, Spain, the United Arab Emirates, South Korea, Switzerland, Germany, Ukraine, South Africa, and Belgium.