Iran’s Vice-Presidency for Science & Technology, Oil Ministry sign cooperation agreement

Iran’s Vice-Presidency for Science, Technology and Knowledge-based Economy signs a cooperation agreement with the Oil Ministry with the aim of paving the way for knowledge-based companies to enter the oil industry.

Vice-President for Science, Technology and Knowledge-based Economy Ruhollah Dehghani Firouzabadi said at the signing ceremony that it was the first major cooperation agreement between the country’s knowledge-based and innovative ecosystem and the oil industry.

The deal helps to enable the acquisition of the technology of 15 bottleneck and widely used equipment in the oil industry, which is worth nearly $2 billion.

This agreement, he added, creates a very large and incomparable market for knowledge-based products in the oil industry.

He said oil and gas reserves are one of the country’s greatest assets, but the energy sector is still using traditional equipment and methods. 

“The Ministry of Oil plans to use the equipment produced in Iranian knowledge-based companies to abandon traditional methods,” he said.

The vice president described the deal as a “prelude to the indigenization of key equipment in the oil industry.”