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Oil industry accounts for 80% of Iran’s newly indigenized products

The Oil Industry Technology & Innovation Park, established on a 32-hectare land near Teheran, is a governmental and non-profit organization that aims to develop oil industry-related technologies in collaboration with universities, research and development institutes and private companies

Oil industry accounts for 80% of Iran’s newly indigenized products

Teheran, June 16 - Neftegaz.RU. Iranian Vice-President for Science & Technology Sorena Sattari has said that 80% of the products that are being produced for the 1st time in the country are related to the oil industry.

Speaking at the opening ceremony of the Oil Industry Innovation & Technology Park, Sattari stressed the significant role of knowledge-based companies and startups in indigenizing the knowledge for the production of new equipment and products, saying:
  • The government will support research on new equipment and the private sector invests on the mass production of the final products
  • The Petroleum Industry Research Institute can be a great platform, but one cannot expect a researcher at this institute to produce a final product
  • The condition must be prepared for startups to thrive
  • Technology companies provide this opportunity
According to Sattari, most of the investment needed for the expansion of work on new technologies must be provided by the private sector and not the Iran´s government.

Lifting sanctions could revive oil & natural gas production in Iran.
The Iranian economy is heavily dependent on the lucrative oil & gas sector.
The vagaries of oil markets and Iran’s reliance on a single resource for most of its income have created disincentives to develop a diversified and globally integrated economy.

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