PEIC’s peak of prosperity is in the production of 15,000psi Wellhead
Abbas Nasseri, CEO of Petroleum Equipment Industries Company (PEIC), has cited the company’s achievements at the 29th Tehran International Oil Exhibition and stated the company has had a more prominent and effective presence with new products in this period of the exhibition. He said this year the company has had more visitors in the management and expert fields than last year. According to him, the contracts signed at the exhibition promise a good future for this company.
He said another important aspect of this year’s oil show is the synergy between the subsidiaries of the AHDAF Investment Company (Ahdafinco). This, he said, is clearly visible and has been a good thing and has encouraged those involved in the production of oil industry equipment.
Regarding the production of wellhead equipment (Wellhead 15000psi), Nasseri said the company is among the four main countries producing this equipment in the world and it is among the top countries in terms of quality. In some products, such as Wellhead & X-Mass Tree, the company has up to 70% of the market share, and for some other products, due to the presence of numerous manufacturers, the company supplies and equips about 40 to 50% of the total capacity of the oil industry.
The CEO of the PEIC also noted that Wellhead Equipment Technology Company (WETCO), which is a subsidiary of the Petroleum Equipment Industries Holding, is a knowledge-based company that has made the country proud. It also has the knowledge and the cutting-edge technical technology to produce 15,000psi Wellhead. This equipment is used in crude wells, and the country’s needs to open high-pressure wells will be gradually.
Scrapping the law prohibiting the import of products similar to domestically manufactured goods is not wise
He touched on the use of this company’s equipment in the South Pars pressure boosting project. He noted that in a recent meeting with Petropars, it was decided to collectively solve this problem. It is planned to use the full capacity of the companies under the Oil Industry Pension Fund (OIPF) in this national project, and the equipment manufacturing companies have been required to achieve the goals set in this contract alongside the E&P companies.
Regarding the company’s entry into the capital market, Nasseri said in October of 2024, the company was turned into a financial institution and received good facilities from the Securities & exchange organization (SEO). The company’s capital increased from 120 billion tomans to 340 billion tomans, which is a growth of 183 percent, and the companies can now easily receive banking facilities. By providing transparency and adhering to the corporate governance law on the stock exchange, Securities & exchange organization appreciated the company’s efforts. The company has now moved from the yellow base to the main SEO board, and this will be a blessing for shareholders.
The CEO of PEIC said the petroleum ministry has expressed full support for domestic construction, and this has been reflected in practice in the Oil Industry Pension Fund. For example, in the South Pars pressure-boosting contract, domestic manufacturers are ready to meet the needs of this large national project. This in itself means that there is a consensus on this issue.
Regarding the removal of the law prohibiting the import of goods which have domestically manufactured products in the Seventh Development Plan, Nasseri noted that manufacturers are interested in competing in the market, but under equal conditions. But Chinese manufacturers have the support of their government and take over Iran’s market. He said scrapping this law is not a wise decision He urged government officials to reconsider the decision. He said scores of people are working in the complex, and such laws will cause factories to close and, unfortunately, workers to be fired.
PEIC to Supply Equipment for Iran LNG Project
The CEO of the PEIC said a memorandum of understanding (MoU) has been signed with Iran LNG Company in the field of mini and micro-LNG to supply equipment for this project. He noted that the memorandum has two pillars. The first one is the construction of the equipment itself and the other is holding a conference for the culture and development of mini and micro-LNG technologies. He said helping the country to flourish in this field can yield great results. He also noted that another plan of the company is to build a solar power plant. PEIC has decided to use a piece of land it has possessed there for years in this field. He expressed hope that with the support of AHDAF Investment Company, the company would be able to build this power plant in less than a year.
He referred to the recent MoUs signed with AHDAF Investment Company and said one of them is related to LNG and the other is the related for boosting the business technology development, equipment technology, and process technology with the help of all universities in the country.
Nasseri mentioned the following points as the most important measures taken by PEIC Holding in the year of “Investment for Production”
1- Making assets productive by updating hardware, software, and increasing nominal production capacity.
2- Implementation of a 100 MW solar power plant project
3- Production of new products and production lines
4- Tracking and collecting claims
5- Timely payment of dividends to shareholders
6- Increasing market share
7- Selecting a reputable market operator
8- Implementation of a job classification plan
9- Entering the field of providing technical and engineering services such as major repairs of oil, refining and petrochemical facilities
10- Obtaining low-interest facilities
11- Moving towards exporting products in various ways
12- Developing the enterprise based on a knowledge-based economy
13- Taking steps to supply all items of the mini, mid and micro-LNG technology supply chain.
