IOIV inks four deals to support domestic companies

April 12, 2021 - 14:18

TEHRAN - Iranian Oil Industry Ventures (IOIV), a newly established semi-governmental entity that is helping startups active in oil industry, has signed four deals with domestic companies in order to support their activities in the current Iranian calendar year (started on March 21).

As Shana reported, the mentioned contracts were signed in IOIV’s official opening ceremony on Monday.

Two of the said deals were signed for the guaranteed purchase of electrical submersible pumps (ESP) and drill bits with Fanavaran Parsian Company and Asmary Field Services Company, respectively.

The other two deals were signed as venture capital (VC) deals with Faradid Company and Aban Company for two projects on artificial intelligence in the field of HSE and EO purification.

As reported, IOIV is going to offer about 20 trillion rials (about $476 million) worth of guarantees for supporting startups and knowledge-based companies active in the oil, gas, and petrochemical sectors.

The fund has so far issued over one trillion rials (about $23.8 million) worth of guarantees for such companies.

Established in August 2020, IOIV is a semi-governmental fund that is aimed to help startups and knowledge-based companies active in the oil, gas, and petrochemical industries fund their innovative projects.

Over the past decade, the Iranian Oil Ministry has been pursuing a program for using the capacities of domestic knowledge-based companies for meeting the oil industry’s technological needs.

Back in August 2020, the Head of the National Iranian Oil Company (NIOC) Research and Technology Directorate Ebrahim Taleqani said that NIOC intends to overcome some of its challenges regarding technological needs in various sectors including construction, services, and innovative solutions in cooperation with such companies and institutions.

According to Taleqani, NIOC and its subsidiaries have selected 51 main challenges among more than 220 issues and various needs, which can be solved by using technological solutions and the scientific and technical capacities of knowledge-based companies.

Since the reimposition of the U.S. sanctions, Iran has been encouraging domestic companies’ presence in its oil and gas projects more seriously.

According to Ali Vatani, an advisor to the Vice Presidency for Science and Technology, currently, about 300 knowledge-based companies are active in various fields of the oil industry in Iran.


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