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Iran has signed over dlrs 38 billion oil deals in 1.5 years

Tehran, April 18, IRNA - Oil Minister Kazem Vaziri-Hamaneh said on Wednesday that Iran has signed more than 38 billion dollars deals during the past one and a half years in the field of oil, gas and petrochemical industry.

Vaziri-Hamaneh made the remarks while addressing the inaugural ceremony of the 12th International Oil, Gas and Petrochemical Exhibit.

"Signing deals shows firm determination of the Islamic Republic of Iran to make breakthrough in oil industry," he said.

He added, "Implementation of such projects, which is in line with Iran's long-term strategy on energy, will create a giant market of dlrs 250 billion for the next 20 years.

"This will prepare an appropriate ground for activities of reputable domestic and foreign companies."

The minister stressed the importance of improving technical and financial potentials of active companies from Iranian private sector, saying, "It will guarantee their broad and sustainable presence in oil, gas and petrochemical industries inside and outside the country."

"Foreign companies participating at the exhibition showed they understand Iran's unique advantages in oil industry and prefer long-term economic interests to transient political conflicts. They can be trustworthy partners for Iranians."

He said, "Iran's Oil Ministry is confident that there are appropriate opportunities in the country to develop cooperation with such companies in various fields of oil industry.

"With respect to its legal provisions and duties particularly a law on making maximum use of engineering potentials of domestic companies, the ministry believes that well-known foreign companies are interested in presence in Iranian market to implement different projects with using capabilities of their Iranian counterparts in the best way."

He added that Iran's oil industry calls on international companies to transfer state-of-the-art technology to Iranian activists in various fields of the industry.

"Materialization of the demand will be beneficial for foreign companies active in Iran because of cheap workforce. It will guarantee their long-term and stable presence in a competitive market of oil, gas and petrochemical industry," Vaziri-Hamaneh stated.

He said Iran is the first country in the Middle East which possesses expertise on oil industry and added that Tehran has always strived to play its special role in various fields of oil industry in the best way.

Iranian industrialists were able to meet major part of domestic needs thanks to great efforts and positive interaction between public and private activists in oil industry, the minister noted.

Iran is currently able to produce over 15,000 sensitive devices needed in the oil industry, he further added.

First Vice-President Parviz Davoudi was also present at the inaugural ceremony of the five-day exhibition.

The event is participated by 797 domestic and 510 foreign companies from 35 countries.

The main objectives of the exhibition included attracting foreign investment, introducing final products, increasing market share, review of marketing, identifying opportunities for joint ventures and consultations with final consumers of products and the current purchasers.

... Payvand News - 4/18/07 ... --

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