Touraj Amraei, speaking Monday at a specialized meeting titled "Innovative Financing Methods in the Knowledge-Based Ecosystem of the Oil Industry" during the third PetroTech conference said the ministry has undertaken extensive efforts to localize strategic technologies and strengthen the country’s innovation ecosystem.

He highlighted the significance of the law to boost tech-based production and the Ministry of Oil’s efforts to enforce it.

He noted that the law, updated in 2022 (1401 in the Iranian calendar) to strengthen the country’s science and technology sector, now plays a crucial role in developing NTBFs and advanced technologies.

Amraei outlined key features of the law, stating that it comprises 20 articles, with one of its primary objectives being to enhance financial tools for NTBFs. Additionally, the law focuses on developing the infrastructure of the technology ecosystem and facilitating the market entry of knowledge-based products.

He emphasized specific capacities of the law, including Article 11, which provides tax credits for companies and investments, as well as insurance exemptions and incentives for establishing NTBFs in various regions across the country.

Regarding market development for tech-based products, Amraei pointed to Article 10, which focuses on first-time production, as one of the law’s most critical components. He noted that the Ministry of Oil has achieved significant success in implementing this article.

Amraei reported that 179 waivers for administrative formalities have been issued nationwide, with 112 of them related to the Ministry of Oil. In terms of contract value, approximately 70% of the total amount belongs to the ministry.

He highlighted that among first-time production projects, the largest initiative, valued at $26 million, is associated with the Iranian Offshore Oil Company. These efforts, he said, demonstrate the Ministry of Oil’s leadership in localizing strategic technologies.

Citing statistics on activities carried out under the law, Amraei stated that the ministry has allocated over $321 million out of a total $455 million in waived formalities contracts. Additionally, 56 contracts worth $40 million have been completed by the ministry.

Looking ahead to next year (1404 in the Iranian calendar), Amraei expressed hope that collaboration between the Ministry of Oil and the Vice Presidency for Science and Technology would expand the localization of tech-based products in the oil industry and help address existing challenges in the sector.