The document was signed on the sidelines of the 22nd Iran International Oil, Gas, Refining and Petrochemical Exhibition (Iran Oil Show-2017) on Monday.
From Iranol Isa Eshaqi, managing director of the company, signed the deal.
“Based on the deal, Petronas has agreed to help Iranol with technology transfer for production of different industrial lubricants that comply with international standards,” he said.
Eshaqi said Iranol is leaning towards minimizing sale of base oil and is working of acquiring the technical savvy for production of end-user items.
The showcase is being held with 4,000 exhibitors from across the globe running 1,800 pavilions.
1,016 pavilions are representing 2,500 Iranian firms while 811 other pavilions represent nearly 1,500 foreign companies from 37 countries.
Exhibitors from China, Germany, France, Italy, Spain, Turkey, Russia, Japan, Austria, South Korea, the US, and Australia are running stalls at the 4-day showcase.
PETRONAS, short for Petroliam Nasional Berhad, is a Malaysian oil and gas company that was founded on 17 August 1974.