Oil production preserving, boosting projects worth $6b specified

March 4, 2018

TEHRAN- Iranian Oil Ministry has specified 30 projects worth $6 billion for preserving and boosting oil production in the country, according to an oil official.

Addressing the 2nd Iran International Exploration and Production Congress and Exhibition (Iran E&P 2018) in Tehran, Habibollah Bitaraf, the deputy oil minister for engineering, research and technology, said these projects will be handed over to the qualified companies based on $50 million-$300 million deals.

Referring to the plan for supporting domestic production, the official said manufacturing of 10 groups of goods inside the country is being followed up and related contracts will be singed.

Emphasizing the necessity of boosting quality of domestically-manufactured products, Bitaraf stated that Iranian manufacturers should promote the quality of their goods because the foreign competitors offer the same product with some lower prices.

MA

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