Iran opens new plant producing oil and gas extraction equipment

A plant manufacturing oil and gas extraction equipment was inaugurated on Kish island in south of Iran, IRIB news agency reported.
The plant known as Kish Well Completion Equipment Factory (KCT) has been constructed jointly by Iran’s Petropars Well Services Company and a European firm.
About $7 million is invested for the plant which will produce various equipment for drilling oil and gas wells.
The factory is constructed on a land area of 5,000 square meters with 2,500 square meters of roofed area.
In the wake of toughening of sanctions against Iran in recent years and an ensuing halt in the US company’s contribution to gas wells completion, the company has replaced the equipment through a European firm, according to the Iran’s official SHANA news agency.