According to Deputy Oil Minister for engineering, research and technology affairs Saeed Mohammadi, who made the announcement, the projects are going to be set up in various areas including upstream, downstream, and oil-related industries.

Speaking to the press and Tehran Times, Mohammadi said: “The purpose of these projects and research cooperation is for the universities and research institutes to work alongside the oil industry on a long-term basis.”

He has also expressed hopes that the projects would help communicate with the country’s knowledge-based companies and support startups.

The necessary permit licenses have already been issued for the establishment of an Oil and Gas Industry Innovation and Technology Park, which will provide a platform for the cooperation between the country’s technological and commercial sectors.

In addition, oil research and innovation fund has also been licensed and established by the government to aid the development of new technologies related to the oil industry.

Since 1979, the US has used sanctions on numerous occasions to influence Iran’s policies, including Iran’s uranium enrichment programme, which some fear poses international risks due to its association to nuclear weapons.

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By GlobalData

Ever since the re-imposition of the US sanctions on Iran in November 2018, the country has been encouraging the growth of its domestic companies, research institutes, and organisations related to oil and gas.

Since then, numerous deals have been signed with institutions including: Sharif University of Technology, Amirkabir University, Sahand University, Shiraz University, the Petroleum University of Technology, Ferdowsi University Mashhad, and the Iran University of Science and Technology.

The news came as Bloomberg reported on Iran reaching out to its old customers in Asia to estimate interest in its crude oil as the country ramps up diplomacy in a bid to get US sanctions lifted under Biden’s administration.

The leaked information denotes that at least five refiners across the Persian Gulf have been approached by state oil marketer National Iranian Oil to discuss the possibility of buying crude if sanctions are eased.