IIID Seals 100-Billion Rial Investment Pact for Oil & Gas Sector SMEs

In a move to strengthen the innovation ecosystem of the oil, gas, and petrochemical industry, a tripartite investment agreement centered on supporting technology projects was signed between the Iran International Innovation District (IIID) and two specialized investment institutions.

A tripartite investment contract for the development of novel technologies in the oil, gas, and petrochemical industry was signed in the presence of Mehdi Safarinia, President of Pardis Technology Park (PTP), Seyed Ahmadreza Alaei Tabatabaei, CEO of the Persian Gulf Petrochemical Industries Venture Capital Fund, and Seyed Rouhollah Mir Amini, CEO of the Novel Technology Development Fund.

Based on this agreement, technology and knowledge-based plans and ideas in priority areas of the oil, gas, and petrochemical industry will be identified, evaluated, and supported through diverse investment and financing channels. The value of this contract has been announced as 100 billion Rials (IRR).

Simultaneously with the signing of this contract, initial approval for two civil partnership plans to finance two technology companies based in IIID, worth 30 billion Rials, was issued, indicating the operational start of this strategic cooperation.

This contract has been signed with the aim of facilitating the financing process for startups and knowledge-based companies, utilizing the specialized capacities of Pardis Technology Park and the oil, gas, and petrochemical industry, and creating a stable platform for the development of novel technologies in the petrochemical value chain.

The signing of this agreement can be seen as an effective step towards realizing the knowledge-based economy and strengthening the link between the country's research, technology, and industrial institutions; a path that can lead to increased competitiveness and the indigenization of strategic technologies in the oil, gas, and petrochemical industry.