Local support driving Iran’s oil industry

Jul 18, 2010 02:00 AM

A senior Iranian oil official says domestic production of equipment in the nation's upstream oil industries has grown four-fold in as many years.
Managing Director of the National Iranian Oil Company (NIOC) Ahmad Qale-Bani said that a comparison of import figures in the country's upstream oil industries over the past four years indicates local producers' share of the market has quadrupled during that period.

"Procurement of equipment and goods accounts for around 60 to 65 % of any oil project", said the official.
"Supplying equipment is the lifeblood of production ... and requires special attention", Qale-Bani further said.

Highlighting government plans to back domestic producers, the official added this support will make the oil industry more reliant on local production, prevent the outflow of foreign currency, and neutralize sanctions.
"It will also create jobs," Qale-Bani underlined.

He reiterated proper policies and measures are required to tap into domestic technological capabilities, which, he added, could result in a competitive industry with export potential.
He said the NIOC will spare no effort to support local producers.

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