​​​​​​​Tehran (IP)- Iranian Minister of Petroleum, Javad Owji, emphasized the country's commitment to meeting its oil industry needs through domestic resources rather than relying on foreign companies or negotiations. This stance was highlighted during the signing ceremony of eleven contracts and memorandums of understanding at the Iran International Oil, Gas, Refining, and Petrochemical Exhibition.

Iran PressIran news: Owji expressed gratitude to all those involved in organizing the event, noting that the Oil Show provided a platform for state oil companies and domestic producers to collaborate and address each other's needs. He also acknowledged the challenges posed by limited space, which restricted the participation of companies to 1700, compared to the potential 2500 if more space were available.

The minister emphasized that the exhibition conveyed a message of self-reliance, as Iran has been focusing on domestic capabilities for oil industry development. He highlighted the significant projects on the agenda, valued at nearly $150 billion, including both ongoing and new initiatives.

To facilitate these projects, the ministry has worked with the government to improve the terms of contracts for investors, ensuring that none of the oil industry projects are uncertain.Owji also discussed the progress of the 1000 km oil product pipeline construction, which is nearing completion.

He noted that the current reliance on tanker trucks for fuel transportation, involving around 16,000 to 20,000 vehicles, imposes a significant cost burden on the country.

The Iran Oil Show 2024, themed "Petroleum industry, production leap and technological optimization," featured 1,500 Iranian companies and 250 firms from 12 countries. Participants from various sectors of the oil industry, including upstream, intermediate, and downstream, showcased their achievements. The event, held at the Tehran International Permanent Fairground, is the most significant Iranian event related to the oil industry and will be open to visitors until Saturday.


Read More:

Iran set to launch 15 petrochemical projects this year