The event will be held at the capital’s permanent fair venue from May 7-10, and hopes to provide a platform to maintain connections with the latest technologies, products and innovations in the field.
The exhibition is one of the largest energy industries in West Asia and is expected to take part in a record number of over 2,000 Iranian and foreign companies. This is a unique opportunity for professionals, investors and businesses in the petroleum and petrochemical industry to develop networks, information exchanges and international partnerships.
Participation from leading companies around the world provides opportunities to interact with the latest technical achievements and create new business opportunities, Press TV reports.
The exhibition will continue in close proximity after hosting the “Transformation of Iran’s Upstream Oil and Gas Investment and Development Change” held in Tehran on April 15th.
The meeting lifted investment and funding opportunities in 200 projects worth more than $137 billion, including around 100 projects in the oil field and upstream sectors and 100 more projects in the oil industry value chain.
This year’s International Oil, Gas, Refining and Petrochemical Exhibition will be held under the slogan “Investment in the Oil Industry, Guaranteeing Economic Growth and Development.”
Ayatollah Seyed Ali Khamenei, the leader of the Islamic Revolution, name the new Iranian year as the year of investment for production, and described it as one of the key issues in the Iranian economy.
Iran’s oil industry is a treasure trove of investment opportunities as it is the main focus of economic development. The country is ranked first in terms of combining world oil and gas reserves.
Officials say it will require approximately $250 billion in investments in the upstream and downstream sectors over the next eight years.
The upstream sector is tilted for a major boost to reach the production plateau of 5.7 million barrels of crude oil and 1.5 billion cubic meters of gas per day.
There is also an investment opportunity of around $35 billion to generate new capacity of approximately 40 million tons per year in the petrochemical sector, and around $800 billion at 1.5 million barrels per day in the refinery sector.
Despite the setbacks we have experienced over the past 20 years as a result of economic sanctions and lack of strategic investment, the oil industry remains a driving force behind the Iranian economy.
MNA