The agreement was signed by the Innovation and Prosperity Fund, the National Iranian Oil Company (NIOC), and the Oil Industry Technology and Innovation Park.

The agreement aims to promote priority technologies, apply them in related industries, improve existing technologies, and localize them through the capabilities of technology-based companies.

The agreement was signed by Hamid Board, CEO of the National Iranian Oil Company; Mohammad Esmaeil Kefayati, head of the Oil Industry Technology and Innovation Park; and Mohammad-Sadeq Khayatian, president of the Innovation and Prosperity Fund.

The initiative seeks to enhance the country’s strategic oil reserves to influence the global oil market, preserve and expand production capacity with an emphasis on sustainable extraction, and boost job creation and entrepreneurship.