TEHRAN (Iran News) – Iran has offered a chance to participants in the 26th International Oil, Gas, Refining and Petrochemical Exhibition to channel $160 billion in investments in the upstream sector of the country’s oil industry, said a high-ranking official in Tehran.
Talking to Shana, the National Iranian Oil Company (NIOC) managing director added that his country enjoys a special status in terms of holding international oil exhibitions, as Iran, thanks to its hydrocarbon reserves, ranks first in the world.
Given its widespread transfer and transit infrastructure, Iran has easy access to underground resources, boasted Mohsen Khojasteh-Mehr, continuing, “Sustainable energy supply is of great importance in today’s world, and this is exactly one of the main features of the Islamic Republic’s sovereignty.”
Elaborating on the country’s capacities, the NIOC head said Iran can meet a considerable portion of the global energy need or transport it to the four corners of the world.
The 26th edition of the exhibition, aka Iran Oil Show 2022, has focused on the motto of the current Iranian calendar year “Production: Knowledge-Based and Job-Creating” designated by Leader Ayatollah Seyed Ali Khamenei, explained Khojasteh-Mehr, adding the initiative has been highly welcomed by its participants.
According to the official, 100 knowledge-based firms and 20 top universities supported by the exhibition organizers have taken part in Iran Oil Show, playing a major role in the international event.
Khojasteh-Mehr said the National Iranian Oil Company will hold numerous rounds of negotiations with the participating companies during the four-day exhibition.
Iran Oil Show, which opens Friday, is hosting 1,200 Iranian and 44 foreign companies or their agents.
The companies and other participants are showcasing their latest achievements and products in 908 pavilions, of which 815 are the stands for companies, 23 for universities as well as scientific and research centers, and 70 for knowledge-based firms, startups, and industrial parks.
Meanwhile on Friday and during the opening of Iran Show Oil, Majlis Speaker said that the legislature, as the facilitator and regulator, will spare no effort to help the country’s oil industry develop.
Mohammad Baqer Qalibaf, who made the pledge in his speech during the opening ceremony of the 26th International Oil, Gas, Refining and Petrochemical Exhibition in Tehran, added, “Direct injection of money into a country’s economy leads to inflation, as we witness it today.”
He said, “We are convinced that underground resources do not belong to governments,” underlining that “they belong to present and future generations and therefore it is not a right way to sell crude oil and use its revenues for current expenditures.”
Statistics indicate that the demand for oil is on a downward trend while the demand for natural gas is growing, said Qalibaf, calling for the development of the country’s gas industry.
Selling crude oil is the main issue facing the country’s energy sector, reiterated the top lawmaker, calling for solving the problem by the Legislative, Executive, and Judicial branches.
“Iran’s oil industry is one of the driving forces of the Seventh Development Plan and can cause a major development in the country at the shortest time possible,” he vowed.