Iran, US to make joint investment in oil industry: Official

The American Pall Corporation is to transfer technology and invest in launching production line of oil equipment in Iran, Ms. Neda Mousavizadehgan said at a press briefing held on the sidelines of Iran Oil Show 2017 on May 6-9.

Through Pall Corporation, Iran is to import advanced filtration technology for refining, the official noted.

Mousavizadehgan said the ground has been prepared after the July 2015 nuclear deal for development of cooperation between Iran and the reputable international companies.

In the sanctions era which ended in Jan, 2016, Iran’s oil industry bore enormous expenses due to importing non-standard equipment, the official underlined.

By manufacturing the equipment needed for oil industry inside the country, Iran will not only meet the domestic needs but also export its oil equipment to the regional states, she added.

The representative from Pall Corporation, too, said at the press conference that the US company is interested in re-entering Iran’s market.

The 22nd Iran International Oil, Gas, Refining and Petrochemical Exhibition, attended by 4,500 national and international companies from 37 world states, started work in the Iranian capital on May 6 for four days.

China, Germany, France, Italy, Spain, Turkey, Russia, Japan, the Netherlands, Austria, South Korea and Australia attended Iran Oil Show 2017 while several notable international companies including those of US dispatched their representatives to the exhibition.

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