IPC Instrumental in Technology Transfer: Official

Habibollah Bitaraf, deputy petroleum minister in Engineering, Research and Technology Affairs, told an oil conference on Tuesday that research and development budget in other countries is 0 to 4 percent of their GDP while in Iran it is 8%.

He said the US, China, Japan and Germany invest the largest sums on R&D activities in the world. 

He said oil companies spend as much as 1 billion dollars on R&D in the world.

The official said two appendixes of the IPC close in on tapping domestic potentialities and require using at least 51% of domestic capabilities in oil and gas projects.

He said transfer of technologies is not an issue for international vendors and they are prepared to share technical savvy with their local partners.