Speaking in a press conference, Ali Forouzandeh, named Russia, China, Germany, Austria, Italy, France, and India as some of the participating countries, adding some 1,500 domestic companies are also taking part in the upcoming exhibition.

Number of foreign companies up 100%

The number of foreign companies attending this year’s exhibition has grown 100 percent, as the number of domestic participants shows a 35 percent increase, said the spokesman.

It was not possible to admit all applicants’ requests for taking part in Iran Oil Show 2023, Forouzandeh continued.

B2B meetings

Iranian and Russian companies will hold business-to-business (B2B) meetings a day before the exhibition’s kickoff with the aim of familiarizing the country’s private sector with the allied states.

About 100 Russian and 200 Iranian companies have registered for such meetings and are scheduled to hold bilateral and multilateral talks on their deals, including the purchase of products and the transfer of technologies.

According to the Secretariat of Iran-Russia Joint Economic Commission, the two sides’ delegations comprising four working groups for trading oil, gas, and petrochemical products, investment and export of technical and engineering services, manufacture, supply and repair of oil equipment and technological and knowledge-based cooperation will exchange views on boosting bilateral trade ties.

The meetings are aimed at familiarizing the Iranian and Russian delegations with each other’s regulations, incentives for investment in Iran, and investment opportunities in its oil, gas, and petrochemical industries.

Relations and cooperation between Iran and Russia, the two largest holders of the world’s oil and gas reserves, have been put on a new track under the Raeisi administration, prompting the two countries to seek the expansion of their ties in different areas, including economic and energy sectors.

Joint panels

Iran and Russia will hold three joint panels at the venue of the exhibition, Tehran International Permanent Fairground, slated for May 17-20, said the spokesman, adding the two sides’ trade conference will be also held at the ministry’s Kushk Hall Center.

An entire hall has been allocated to Russian and Chinese companies to showcase their latest achievements and equipment, stated Forouzandeh, stressing that this edition of the exhibition is aimed at boosting energy relations.

MoUs, contracts, meetings

On the sidelines of the exhibition, 100 events will be held, he said, adding different sectors of the Ministry of Petroleum and the private sector’s companies will sign contracts and memorandums of understanding (MoUs) and knowledge-based companies will hold meetings.

Homegrown oil equipment will be displayed at the exhibition, Forouzandeh mentioned.

Iran oil industry internationalization

The official said Iran’s oil industry is on the verge of internationalization, as it has now the capacity to supply the world markets with homegrown equipment and transfer its technologies.

Construction of refineries beyond Iran’s borders is a striking example of the internationalization of the country’s oil industry, he boasted.

Consumption a challenge

Pointing to the motto of the 27th exhibition – Oil Industry; Technological Production, Optimal Consumption – he said consumption is among challenges the country is faced with.

The problem should be addressed, Forouzandeh emphasized, calling for policymakers, technicians, and manufacturers to provide solutions.