Contracts Worth Over $1.1b Signed on Oil Industry Development

SHANA (Tehran) - The Ministry of Petroleum, the National Iranian Oil Company (NIOC) and the Iran Vice-Presidency for Science, Technology and Knowledge Based Economy Affairs signed 15 pacts with a total value of over $1.1 billion with Iranian companies in Tehran on Saturday.

A sum of 11 contracts of first-time production worth $580 million as well as four memoranda of understanding (MoUs) with a total value of more than $520 million with Iranian companies to domesticize some equipment needed for the country’s oil industry were signed on the sidelines of Iran Oil Show 2024.

The signing ceremony was attended by Rouhollah Dehghani, the vice president for science, technology and knowledge-based economy, Petroleum Minister Javad Owji and NIOC Managin Director Mohsen Khojasteh-Mehr.

coiled tubing

An MoU for the localization of the coiled tubing was inked between the Manufacturing, Support and Procurement Kala Naft Company, a subsidiary to the NIOC and FALIZ Pajouhesh Pars company with a contract value of $12 million.

The Manufacturing, Support and Procurement Kala Naft Company also signed another MoU with two Iranian firms of the Behesht Kavir Ariana and the Parand Forged Steel Pipe worth $800 million on indigenization of corrosion-resistant alloy (CRA) tubing.

In addition to 1,500 Iranian firms, a sum of 250 companies from 12 countries have taken part in Iran Oil Show 2024, whose motto is “Petroleum industry, production leap and technological optimization”.‎

Participants from the upstream, intermediate and downstream sectors of the oil industry, along with associations and unions of oil industry equipment manufacturers, first-time producers NTBFs are showcasing their achievements in the Iran Oil Show 2024, which is the most important Iranian event related to the oil industry.

Inaugurated on Wednesday, the exhibition will be open to visitors at the Tehran International Permanent Fairground every day from 9:00 a.m. to 4:00 p.m. (0530 to 1230 GMT) until Saturday.

News ID 641543


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