Sitting atop 11 percent of oil and 18 percent of gas reserves in the world, Iran is among the world’s main energy suppliers. That is why foreign companies did not miss the golden opportunity and participated in the 26th International Oil, Gas, Refining and Petrochemical Exhibition.

More than 1,200 domestic and foreign companies put their latest hi-tech achievements on display and signed a host of contracts and memorandums of understanding in an effort to shape a better future for the energy-hungry world.

Knowledge-based companies were in the spotlight in the exhibition, as its organizers had done their best to enforce the decree of the country’s Leader Ayatollah Seyyed Ali Khamenei, who called 1401 the year of "knowledge-based production and job creation".

The exhibition was host to high-ranking officials of Iran, including the president, petroleum minister, and top diplomats, as well as their foreign counterparts, namely Mohamed Hamel, the secretary-general of the Gas Exporting Countries Forum (GECF), and Gnel Sanosyan, the Armenian minister of territorial administration and infrastructures.

According to the National Iranian Oil Company, the expo put $160 billion on offer for investment in the energy-rich country’s projects, which was too attractive for participants to miss.  

Russia, China, and Qatar were among others that voiced their willingness to make investments in different sectors.

It is crystal clear that the prestigious international event has achieved priceless goals, among them the expanding of Iran’s ties with foreign countries in defiance of U.S. sanctions and the signing of contracts to increase domestic production that help the country regain its status in international markets.

The Raisi administration has vowed to develop the country’s industries and relations with the world regardless of illegal sanctions imposed by the United States.

By Kambakhsh Khalaji