Erfan Riahi, speaking Monday at a specialized session titled "Innovative Financing Methods in the Knowledge-Based Ecosystem of the Oil Industry" during the Third Petrotech Conference, noted that the oil industry has consistently faced numerous challenges, including sanctions and reliance on foreign equipment.

He emphasized that moving toward a tech-based economy is crucial for strengthening infrastructure and developing domestic technologies.

Riahi added that since 2019, the Ministry of Oil has worked toward this goal by establishing a Research and Technology Fund and creating a technology park.

This initiative, leveraging existing capacities within the innovation ecosystem, has facilitated the entry of knowledge-based companies and the development of indigenous technologies in the oil industry.

The director-general highlighted that the Ministry of Oil, in collaboration with the Vice Presidency for Science, Technology, and Knowledge-Based Economy and the Innovation Fund, has successfully quadrupled the number of new technology-based firms (NTBFs). This expansion has enabled technology firms to operate in various provinces and empowered them to provide technological solutions to the oil industry.

Riahi pointed out significant advancements in various technological fields, including drilling, drilling pumps, and mechanical equipment. Despite these successes, he acknowledged that more development is needed in certain areas, particularly information technology and digital transformation.

He explained that the Ministry of Oil has revised regulations and established specialized funds to finance and support NTBFs, streamlining processes.

The ministry aims to meet a larger share of the oil industry's needs using domestic capabilities in the coming years. Riahi expressed hope that with further development in these areas, the oil industry can overcome existing challenges and achieve sustainable growth by relying on advanced technologies.