The event, being held in the capital’s permanent fairground through May 7-10, is also hoped to provide a platform for staying connected with the latest technologies, products, and innovations in this field.
The exhibition is one of the largest of the energy industry in West Asia, where a record number of more than 2,000 Iranian and foreign companies are expected to participate. It is a unique opportunity for professionals, investors and corporates of the oil and petrochemical industry to network, exchange information and develop international partnerships.
The participation of leading companies from around the world provides an opportunity to interact with the latest technological achievements and create new business opportunities, Press TV reported.
The exhibition follows closely after the National Iranian Oil Company (NIOC) held the “transformation in investment and development in Iran’s upstream oil and gas” conference in Tehran on April 15.
The conference featured unlocking investment and financing opportunities in 200 projects worth more than $137 billion, including about 100 projects in oil fields and the upstream sector and another 100 in the oil industry value chain.
The International Oil, Gas, Refining and Petrochemical Exhibition this year is held under the slogan of “investment in the oil industry, a guarantee of economic growth and development”.
Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei has named the new Iranian year as the year of investment for production, describing it as one of the important issues in the Iranian economy.
Being the main focus of its economic development, Iran’s oil industry is a treasure trove of investment opportunities. The country ranks first in terms of combined oil and gas reserves in the world.
Officials have said it requires an investment of about $250 billion in the upstream and downstream sectors over the next eight years.
The upstream sector is tipped for a major boost to reach a production plateau of 5.7 million barrels per day of crude oil and 1.5 billion cubic meters of gas.
There is also an investment opportunity of about $35 billion to create a new capacity of about 40 million tonnes per year in the petrochemical sector, and about $80 billion for 1.5 million barrels per day in the refining sector.
Despite the setbacks it has experienced over the past two decades as a result of economic sanctions and lack of strategic investments, the oil industry remains the driving force of the Iranian economy.
MNA
