Iran's Vice Presidency Signs 2 New MoUs with Oil Ministry to Expand Cooperation 
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10:00 - May 16, 2024

Iran's Vice Presidency Signs 2 New MoUs with Oil Ministry to Expand Cooperation 

TEHRAN (ANA)- The Iranian Oil Ministry and the National Iranian Oil Company (NIOC) have signed two new memorandums of understanding (MoUs) with the Iran Vice-Presidency for Science, Technology and Knowledge-Based Economy Affairs to expand cooperation in the filed of indigenizing the equipment needed by oil ministry worth hundreds of millions of dollars. 
News ID : 5970

The two MoUs were signed to domestically produce coiled tubing and corrosion-resistant alloy (CRA) by Iranian knowledge-based firms needed by the oil industry in the country.

The signing ceremony of the agreements was held during Iran Oil Show 2024, which was recently held at the Tehran International Permanent Fairground on May 8-11. The ceremony was attended by Rouhollah Dehghani, the vice president for science, technology and knowledge-based economy, Oil Minister Javad Owji and NIOC Managing Director Mohsen Khojasteh-Mehr. 

Signing of the two agreements took place in line with a cooperation agreement that was signed in February 2023 to indigenize technologies and equipment needed by the oil industry between the vice presidency and the oil ministry and NIOC.

With the signing of the agreements on the localization of coiled tubing and CRA pipes for oil and gas wells, 60% of the two-billion-dollar agreement concluded 15 months ago has now been realized.

Also on the sidelines of Iran Oil Show 2024, a total of 11 contracts of first-time production valued at $57,927,838 were signed between National Iranian South Oilfields Company (NISOC), Petroleum Engineering and Development Company (PEDEC), Iranian Offshore Oil Company (IOOC) and 11 knowledge-based companies

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