Iran indigenize production of turbo compressors

"Thanks to the sanctions (imposed on Iran), all upstream items are being produced inside the country, and among them large items in the oil industry upstream sector, such as turbo compressors, will become completely Iranian by the end of this (Iranian) year (March 2013)," Iranian Oil Minister Rostam Qassemi told FNA in Iran's Northern city of Mahmoudabad today. Senior Iranian oil officials have repeatedly stressed Iran's self-sufficiency in producing the needed parts for its oil industry, and said Iran is trying to cut its dependence on foreign suppliers in this regard completely. In April, Iranian Oil Minister Rostam Qassemi announced that despite the western countries' sanctions against Tehran, over $40bln will be invested in the country's oil industry in the new Iranian year. "This year $40bln of capital will be injected into the oil industry," Qassemi said, addressing the inauguration ceremony of the 17th International Oil, Gas, Refining and Petrochemical Exhibition in Tehran. He also reiterated that despite the problems and embargos faced by Iran last year, the country managed to invest $30bln in its oil industry. Iran is under four rounds of UN Security Council sanctions for turning down West's calls to give up its right of uranium enrichment, saying the demand is politically tainted and illogical. Yet, last year the US and the European Union approved a set of extra unilateral sanctions against the Islamic Republic over its nuclear program, mostly targeting the country's energy and banking sectors, including a US boycott of gasoline supplies to Iran. Iran says that western sanctions and pressures have only consolidated the Iranians' national resolve and encouraged them to reach self-sufficiency in many economic areas. Despite the hostile policies and moves of the United States and its European allies, Iran has shown a promising trend of growth in area of economy and technology.