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Iran to set up fund to support oil industry

19 November 2012 14:54 (UTC+04:00)
Iran to set up fund to support oil industry

Iranian Oil Minister Rostam Qasemi has said that the ministry plans to set up a special fund for the purpose of supporting producers and contractors, Shana news agency reported.

"A plan has been drafted by the ministry and it will be submitted to the parliament in the form of a bill," he noted.

Iran plans to become self-sufficient in producing 19 highly used goods which are strategic to the oil industry, Qasemi said in May.

He added that technology for manufacturing 19 of the oil goods should be indigenised by the end of the fifth five-year development plan (2015).

Global sanctions against Iran have not only not hindered the country's oil industry, but also have turned the Islamic republic into an exporter of equipment and goods, he emphasised.

"Despite all the threats from our enemies, there is no concern regarding development of the oil industry relying on the expertise and knowledge of Iranian scientists," he added.

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