TEHRAN -- Deputy Oil Minister Ali Kolahdouz said here on Tuesday that more than 40 percent of the spare parts needed by the oil industry are now produced in the country.

Kolahdouz told IRNA on the sidelines of the 7th Tehran International Oil, Gas and Petrochemicals Fair that his company is gradually cutting down on import of spare parts, needed by the oil industry, worth $400 million, and replacing them with domestic products.

He said that last year, 200 to 250 million dollars worth of goods needed by the oil sector were procured domestically.