Iranian VP: Economy without oil means injection of innovation into oil industry, not elimination of oil

The office of Iran’s Vice-president for Science, Technology and Knowledge-based Economy and Iran’s Petro Company signed a cooperation agreement. Under the agreement, the two sides will develop knowledge-based contracts in the oil sector worth $100mn. 

The contracts concern discovery, exploitation and investment activities in the oil and gas sectors as well as in renewable energies with an emphasis on knowledge-based companies. 

During a ceremony in which the agreement was signed, Iran’s Vice-president for Science, Technology and Knowledge-based Economy Rouhollah Dehghani Firouzabadi said oil is a territorial advantage that Iran has and the idea of an economy without oil does not mean the absolute elimination of this God-given blessing. 

Dehghani noted that an economy without oil means eliminating exclusive reliance on oil revenues and injecting innovation into the oil industry.