Oil Ministry inks contracts worth $34m with NTBFs
The Iranian Oil Ministry has signed contracts worth $34 million with new technology-based firms (NTBFs) in the past year.
According to a report by Shana on Tuesday, by the implementation of the signed deals with Iranian startups, the country will save $305 million annually.
The National Iranian Oil Company (NIOC) has signed six contracts, with a total value of $15 million, the report added.
The ministry also has plans to sign 20 contracts, worth $135 million, with domestic firms during the current and next year.
Oil Minister Javad Owji told an international energy meeting in July that the country has plans to invest some $250 billion in its massive oil and gas sector until 2031.
The minister said Iran’s plans to maintain and expand its petroleum facilities have remained unaffected by US sanctions that bar the country’s access to foreign investment and technology.
“Today, Iran carries out expansion and repair in its oil and gas refineries without the presence of foreign experts,” he said.
Experts say that US sanctions on Iran, which have been in place since early 2018, have failed to dent the country’s ability to expand its massive petroleum industry.
They believe a major expansion in the Iranian natural gas sector in recent years has compensated for the relatively low levels of production and exports of crude oil in the country.
Iran is currently producing some 3.8 million barrels per day (bpd) of crude oil, and more than one billion cubic meters per day of natural gas.
The country has some 10 active oil refineries and 21 natural gas refineries, while it also counts on massive hard currency revenues from its petrochemicals sector.