TEHRAN (FNA)- Iranian Oil Minister Rostam Qassemi downplayed the effects of the western sanctions against the country, saying that Iranian experts have produced most of the technical equipment needed for the oil industry.


"As crises can be turned into opportunities, we have supplied the goods and equipment by relying on domestic power and capabilities," Qassemi told reporters in Tehran on Tuesday.

Stressing the necessity for the Iranian oil industry's independence, he said, "I can say that we have built most of the technical oil tools and equipment inside the country."

In relevant remarks earlier this year, Qassemi had said even though sanctions created some difficulties, the oil industry had moved forward.

"While domestic contactors were weak and unable to implement mega projects in oil industry, sanctions created the opportunity for them to turn into strong and capable companies so that these days they are in charge of many projects, even though some weaknesses have not removed yet."

"During the last Iranian calendar year we succeeded to invest as much as 24 billion dollars in upstream sector which is a new record," the official concluded.

By Fars News Agency

 

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