Wellhead Equipment Technology Co. (WETCO) was founded in July, 2001 in Tehran ,capital of Iran as a joint venture by ABB. ABB and WETCO both hold interests in the company which has developed the plant at Shams Abad industrial zone, 45 Km South of Tehran to produce a range of equipment including Surface Wellheads, Xmas Trees and Gate Valves. In July 2004, ABB sold its Oil & Gas business part to a financial consortium and this sale included ABB Vetco Gray as well. This division was named Vetco Gray.