Iranian manufacturers sign 55 contracts to provide oil industry equipment

TEHRAN, May 21 (MNA) – Reza Padidar, a member of the Oil Industry Equipment Manufacturer Association, said on Monday that Iranian manufacturers are assigned with making the needed equipment for Iranian oil industry.

“To domesticize ten groups of equipment needed in oil industry, a host of 55 contracts with the value of $1.2 billion, out of which 20 to 20 percent has been paid so far, were signed by Iranian manufacturers,” said Reza Padidar, a member of the Oil Industry Equipment Manufacturer Association.

“The 14.5 percent share of oil ministry from oil revenues is allocated to production, preservation and development but considering the costs, this share cannot cover the needs for developing oil industry,” said Mr. Padidar.

The Iranian officials also recounted some measures devised to be undertaken to alleviate the damages caused by US unilateral withdrawal from the nuclear agreement. “To improve the standards of Iranian equipment a 4-sided agreement was signed to define a standard protocol for Iranian-made equipment.”

YNG/4302103

News Code 134229

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