Volume. 12228

Domestically-made equipment worth $10b in Iran oil industry
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Iranian manufacturers will supply oil industry with $10 billion worth of domestically-made goods and equipment in the current calendar year, which began on March 20, the head of the association of oil industry equipment manufacturers said.
“The West has imposed sanctions on the country’s oil industry, thinking that they can restrict Iran’s economic activities,” Sirous Talari added, Pana news agency reported.
Meanwhile, Hassan Kazemi, who is a member of the board of directors of the association of oil industry equipment manufacturers, said on Friday that the supply of goods may increase to $20 billion in the current year, Mehr news agency reported.
“If this happens, more than 60 percent of the equipment needed for the oil industry will be domestically procured,” he noted.
Oil Minister Rostam Qasemi has said that the global economic sanctions against the Islamic Republic will not be effective to hinder the country’s oil industry progress.
Qasemi stressed the importance of making use of ‘the great capabilities’ of Iranian experts, saying the country has thus nullified the impacts of Western sanctions on its oil sector.
“Sanctions against Iran's oil sector have failed and will not block the progress and development of the industry,” Qasemi said on Monday, Press TV reported.
The U.S. and EU have imposed financial and oil sanctions against Iran since the beginning of 2012, claiming that the country’s nuclear energy program includes a military component.
Tehran refutes such allegations, noting that frequent inspections by International Atomic Energy Agency have failed to prove any diversion in Iran's nuclear energy program toward military purposes.

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