Interaction with Startups and Knowledge-Based Firms

Engaging startups in the process of providing services needed by the oil and gas sector in various domains is a key measure that can help accelerate the qualitative development of the petroleum industry in the country. By using the potential of knowledge-based companies, it would be possible to switch from selling crude oil to using value-added of these resources.

One of major tool in supporting knowledge-based companies and startups is research and renovation. This tool is expected to cover risks and present new models of guaranteed purchase to facilitate the presence of various sectors.

In 2019, the Ministry of Petroleum organized several key meetings in support of startups. It also ordered faster action in awarding major contracts to universities. That shows the firm resolve of the petroleum industry in making maximum gains from the potential of knowledge-based companies and startups.

Various projects including Razi Technology Park, establishing Petroleum Research and Innovation Fund, guaranteed purchase of commodity, banning import of domestically-manufactured commodities and similar measures were put on the agenda of Petroleum Ministry to keep petroleum industry startups and knowledge-based companies running.

No solution alone can resolve all problems. Rather a collection of solutions has to be taken into consideration to support knowledge-based companies and startups.

The Petroleum Research and Innovation Fund, which was registered in February 2020, can be a good measure for issuing various letters of guarantee in favor of knowledge-based companies. This fund can complement the Presidential Office’s Boom and Innovation Fund in the financing of knowledge-based companies. Another issue is the guaranteed purchase of commodity. As it was announced, foreign products whose domestic prototypes are manufactured for the petroleum industry will be subject to import ban. A quality certificate body is also needed to be established. Commodities need to receive quality certificate. The Iranian Petroleum Institute (IPI) is tasked with this procedure.

The petroleum industry has to maintain its communications with knowledge-based companies and startups. Regular meetings must be held with them. The primary infrastructure has been set up and about 18,000 ha of land has been allotted by the Ministry of Petroleum for the construction of a park of technology in Shahr-e Rey.

With the establishment of knowledge-based companies and startups at the Razi Technology Park in Rey, formation of the Petroleum Research and Innovation Fund with an initial capital of IRR 1,000 billion and installation of petroleum industry mentors, a technological development ecosystem chain would take shape in the petroleum industry.


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