Promoting domestic production a ‘must' under sanctions: Zanganeh

TEHRAN, Feb. 18 (MNA) – Iranian Oil Minister Bijan Namdar Zanganeh says promoting the country’s domestic production in various areas is a key to Iran’s economic development during the sanctions.

Speaking on the sidelines of the unveiling ceremony of Iran’s sixth domestically-built oil rig on Tuesday, Zanganeh emphasized the Oil Ministry’s support for domestic companies, start-ups, and knowledge-based firms, saying that Academic Center for Education, Culture and Research (ACECR) could be one of the main centers to work in this area and the government should support them.

The minister further noted that Khuzestan province (southwestern Iran) could be one of the country’s industrial hubs, adding that “we should seize the opportunity to develop domestic production and technologies in this regard.”

Mentioning a project for maintaining and enhancing oil production in 28 reserves operated by the National Iranian South Oil Company (NISOC) in Khuzestan Province, Zanganeh said four percent of the funding for these projects (about $240 million) is planned to be allocated for urban development projects in the region.

Back in January, Managing Director of Iran’s Petropars Group, which is the Monitoring and Controlling (MC) body in a project for maintaining and enhancing oil production in 28 reserves operated by the National Iranian South Oil Company (NISOC), had said that the project will be completely handled by domestic firms.

“The project which constitutes more than a hundred sub-projects, including drilling of about 280 new wells and repairing hundreds of wells, could boost domestic trade and employment,” Shana quoted Hamidreza Masoudi as saying.

MNA/TT

News Code 155770

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