Oil Ministry to Sign $500mn Deal With Knowledge-Based Firms

Date: 23 October 2022 - 21:17

News ID: ۱۰۸۱۳۹

TEHRAN – Iranian Minister of Petroleum Javad Owji has said that seven contracts worth 500 million dollars will be signed with 54 knowledge-based companies to boost production from oil wells by using technological methods.
In a meeting with Ali Nikzad, the vice-chairman of the Islamic Council, Owji talked about the allocation of bitumen to various institutions: “With the appropriate solutions that the members of the parliament had since September 2021, fortunately, all the issued bitumen remittances have been absorbed by the executive body.”
He added: “In the calendar year of 1401,. Nikzad and Rezakhah worked hard in this field, and the objections that were raised regarding the budget law were resolved, and its regulations are also being reviewed by the administration, so we did not wait for the approval of the regulations and given favorable cooperation with the parliament, in the last 6 months, we implemented all remittances from last year from the refineries.”
Owji added: “This year, the number of knowledge-based companies that are active in the oil industry increased from 150 companies at the beginning of the year to 540 companies, and the Ministry of Petroleum has reviewed all its needs in the field of commodities, refineries and petrochemical plants and has also called for capable knowledge-based companies to participate in these projects.”
He stated: “We have identified 700 oil wells that are low-yield, therefore a contract worth $500 million will be signed with 54 knowledge-based companies in this field to increase production from these oil wells using technological methods.”