Iranian Oil Industry Ventures (IOIV), a newly established semi-governmental entity that is helping startups active in oil industry, has signed four contracts with domestic companies in order to support their activities, reported the News Agency of Iran Oil Ministry.
Two of these contracts were signed for the guaranteed purchase of electrical submersible pumps (ESP) and drill bits with Fanavaran Parsian Company and Asmary Field Services Company, respectively.
The IOIV also signed two venture capital contracts (VC) and renewable loans with two domestic startup companies; the first is the VC contract of artificial intelligence in the field of HSE with Faradid Company and the second one is the VC contract with Aban Intelligence Systems Company.
The report adds, IOIV is going to offer about Rials 20 Tln worth of guarantees for supporting startups and knowledge-based companies active in the oil, gas, and petrochemical sectors.
Established in August 2020, IOIV is a semi-governmental fund that is aimed to help startups and knowledge-based companies active in the oil, gas, and petrochemical industries fund their innovative projects.
IOIV Website is: https://ioiv.ir/