18-04-07

Oil Minister Kazem Vaziri Hamaneh says Article 44 of the Constitution has opened up new horizons for Iranian private sector oil companies.
He told the opening ceremony of the 12th International Exhibition of Oil, Gas and Petrochemical Products that the extensive efforts of Iran's private and state-owned sector companies, was the key factor behind Iran's success in meeting country's needs in oil industry.

He cited the huge potential of Iran's oil sector companies in project management areas in the post-revolution era and the high skill and knowledge of Iranian oil experts as an indication of country's success in managing all its oil affairs solely by itself without relying on the foreign skills and expertise.
According to the minister, over 15,000 different parts and tools used in country's oil industry are presently being produced by the private sector inside the country making it a quite rewarding project to make investments on them as a way of consolidating their position in Iran's sustainable development trend.

Vaziri further told the participants of the oil conference that his ministry had signed numerous contracts, worth over $ 38 bn, in the past 18 months for the implementation of fresh oil, gas and petrochemical projects that, once implemented, would create a big market worth close to $ 250 bn.