For Free Headlines Submit Your Email
Friday, April 26, 2024 22:33 GMT
Iranian Oil Minister Javad Owji announced the signing of a memorandum of understanding (MOU) between the oil and defense ministries for cooperation in production of complicated and sanctioned oil industry equipment, Shana reported.Owji made the announcement on his Twitter account on Sunday, saying: “Military industries are among the technological pioneers in the world, and many technologies have been developed by these industries for the first time. By signing a memorandum of understanding with the Ministry of Defense, we have tapped this capacity to produce sophisticated equipment needed by the oil industry, especially in the high-tech sector."Owji had previously said that domestic producers are currently supplying over 70% of the oil industry’s needed equipment, adding that this figure can increase to 95%.The indigenization and domestic production of oil and gas industry equipment have been always among the objectives of the Iranian Oil Ministry. However, the issue became further highlighted since the re-imposition of the U.S. sanctions and Washington’s determination for cutting off the Islamic Republic’s ties with the world advances in knowledge and technology, especially in the oil and gas sector.In the past few years, the ministry has been seriously supporting knowledge-based companies and startups, and in this regard, several events, exhibitions, and panels have been held to encourage the mentioned companies’ contribution to the country’s oil and gas industry. - Tehran Times, Shana