In order to transfer technology to Iranian oil industry, the SIPIEM also entered another contract with a Chinese company.
An official with the SIPIEM announced that Iranian manufacturers can provide around $20 billion worth of domestically-made goods and equipment to the oil industry.
The SIPIEM also signed another contract with a Chinese company to transfer technology to Iranian oil industry, the report added.
Iranian manufacturers have the potential to supply the oil industry with $20 billion worth of domestically-made goods and equipment this year, which began on March 20, an official with the SIPIEM said on April 14.
The head of SIPIEM said the volume of the society's cash flow in 91 was 5 billion dollars, about 12-percent more than the last year, and this amount is expected to experience a 50-percent raise in the current Iranian year.
Commenting on the capability of producing turbine and compressor by the domestic manufacturers, Padidar said the SIPIEM has presented a roadmap for producing and purchasing turbine and compressor to the Oil Ministry, which was welcomed and approved by the ministry.
Padidar added that the members of SIPIEM are registered by their national identity and permission in the Oil Ministry's vendor list and they do not need brokers or middlemen.