Iran oil startups showcase homemade equipment sanctioned by US
Yusef Jalali
Press TV, Tehran
These oil equipment are made from A to Z in Iran. All on display at the first exhibition and conference of Iran's science-based companies and startups. The event has brought together some 1400 firms active in the oil industry to present their products and services.
In 2018 and following the United States' unilateral pullout from the 2015 nuclear deal, Washington reimposed oil embargoes against Tehran.
Now the black gold which is the main economic engine for Iran faces limitations both in the export of crude as well as import of key equipment needed for oil production, such as drilling bits.
This is where startups like this one have rushed for help to at least resolve the second challenge.
This is exactly what Iran's oil minister is looking for. He says thanks to domestic know-how, the sanctions have failed to disrupt Iran's oil production.
Following the nuclear deal, Iran regained its foothold in the global oil market, with its daily exports rising to nearly 2.5 million barrels.
But the US has intensified its sanctions on Iran’s oil exports since Washington’s controversial pullout from the accord.
Iran’s government has reduced dependence on oil revenues in its draft state budget. This has prompted different sectors in a race against time to replace oil in spinning the wheels of Iran's economy. However, Iran's oil minister believes there is still hope that the black gold will make money for Iran, only if the country invests in its young minds and viable startups.
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