Majid Boujarzadeh, speaking on the sidelines of the 29th International Oil Exhibition, highlighted the significance of the event, which is held annually as one of the country’s most important industrial gatherings. This year’s exhibition, held from May 7 to 10, brought together major domestic and international companies, startups, knowledge-based firms and first-time producers.

In addition to specialized meetings and visits by officials to review the oil industry’s achievements, several key contracts and memorandums of understanding were signed, Boujarzadeh said.

He emphasized that the exhibition’s theme aligns with the slogan for the Iranian year 1404 (2025-26), declared by the s Leader: "Investment in the Oil Industry Ensures Economic Growth and Development." This reflects the strategic importance of investing in the sector.

Boujarzadeh stressed that the oil industry is a vital part of Iran’s economy with significant investment potential. The impact of such investments, he said, is quickly visible across various economic and livelihood sectors.

Pointing to the South Pars gas field as an example, he noted that its development over the past 20 years has yielded benefits—including job creation, supply of goods and services, and increased exports—that far exceed the initial investment.

$200m in first-time production contracts signed 

Boujarzadeh highlighted the oil industry’s focus on supporting first-time domestic production and knowledge-based companies, particularly under the current administration. These products address essential oil industry needs previously met through imports. Due to sanctions, the goal is now to rely on domestic technical expertise to produce these goods locally.

At this year’s exhibition, around $200 million in contracts for first-time production were signed with knowledge-based firms, with their impact expected to soon be felt across the oil industry and broader economy.

Boujarzadeh said one of the exhibition’s main objectives is to inspire hope in society by showcasing the capabilities of young professionals, students, startups and advanced companies—an important priority set by the supreme leader.

85% of Oil industry needs now met domestically 

The director-general noted that before the development of South Pars two decades ago, less than 25% of the oil industry’s needs were met domestically. Today, that figure exceeds 85%, demonstrating significant growth in local capabilities and reduced reliance on foreign suppliers.

Despite extensive sanctions and supply chain challenges, Boujarzadeh said the oil industry continues to advance by relying on the knowledge, expertise and dedication of the country’s youth. He expressed hope that this progress would accelerate in the coming years.