Speaking at the opening ceremony of the “Petrofan 1403” conference on Sunday, Omid Shakeri highlighted initiatives by the Ministry of Oil to develop the activities of new technology-based firms (NTBFs) in various fields.

He stated that the number of these companies on the ministry's long list has tripled over the past three years, reaching about 674.

The official added that the number of domestic manufacturers on this list has increased from 1,500 to 2,500, marking the first time that manufacturers have outnumbered suppliers.

Shakeri pointed out the infrastructure that the Ministry of Oil has established at the Oil and Gas Technology and Innovation Park and the research centers of the Petroleum University of Technology for NTBFs.

He mentioned that around 322,000 square meters of space has been allocated, currently housing 142 companies.

Discussing the development of businesses in the technology-based sector, which mainly involves initial production, Shakeri said over the past three years, more than 2,000 contracts worth $890 million and 38 trillion tomans have been signed.

“The petrochemical sector has been particularly successful in this area, showing strong trust in NTBFs.”

He emphasized that many of these initial production items are now being utilized in the oil industry's value chain.

As a result, for three consecutive years, the Ministry of Oil and its associated companies have ranked first among executive agencies in terms of contracts for the initial production of strategic items needed by the oil sector.

Domestic technological ingenuity

Shakeri noted that if the initial production contracts are successful, they could generate about $1.7 billion in value across the entire oil industry value chain, while only $172 million has been spent, representing a potential tenfold return on investment.

Domestic companies have reached technological maturity, allowing the industry to use their products with confidence.

He also highlighted the Ministry of Oil's innovative financial support for NTBFs. The capital of the Oil Industry Research and Technology Fund has increased sevenfold to 750 billion tomans (approximately $10 million) in this short period, providing contractual guarantees to 140 companies worth 10 trillion tomans (approximately $133.3 million). Additionally, 36 companies have received loans totaling 830 billion tomans (approximately $11.06 million).

Shakeri detailed various financial support measures, including guaranteed purchase contracts, signing two liability insurance contracts for goods, and pledge agreements worth 270 billion tomans for 24 companies to enhance their reliability.

He mentioned that, so far, up to 5 trillion tomans in credit lines have been established for NTBFs, along with venture capital investments in specific oil industry sectors such as artificial intelligence for seven projects worth 250 billion tomans.

He emphasized that over 5 trillion tomans in various financial facilities have been provided in the budget law to support the production of strategic items and technology-based products, as well as to develop the businesses of these companies.

Shakeri pointed out that exporting technological services is one way to measure the success of NTBFs, citing that more than $350 million worth of engineering services has been exported by Iranian companies to Venezuela and Russia.

According to him, the Ministry of Oil’s initiatives to facilitate and regulate this sector include identifying technological and research needs, transferring intellectual property assets, banning imports of foreign-made ktechnology-based goods, and providing discounts on feedstock for projects that complete the value chain and other technological initiatives.