News ID: 2961475 -
Deputy oil min.:

Oil sanctions removal likely by late December

TEHRAN, Nov. 09 (MNA) – Estimating the time of oil sanctions removal to be late Dec., deputy oil minister expressed Iran’s readiness to deploy 500 thousand oil barrels to the market on the eve of the new Christian year.

Amir Hossein Zamaninia said all measures to enhance capacity of Iran’s crude oil production over the post-sanction era have been taken and added “Iran’s daily oil production and capacity will increase by 500 thousand barrels as soon as the sanctions are removed.”

Deputy minister for international affairs and trading noted very low level of crude production in comparison with Iran’s huge hydrocarbon reserves; “accordingly, other-oil producing countries will truly understand and accept the increase in Iran’s oil production capacity after the sanction reliefs."

On the exact time of sanctions removal, the official estimated that the sanctions against Iran’s oil industry will be called off by the end of December before the beginning of the year 2016.

Zamaninia enumerated the advantages attained by the lifting of sanctions namely removal of restrictions on currency transfers, supply of ships and tankers carrying oil products and petrochemicals, provision of insurance coverage as well as other requirements for achieving all these goals which will lead to a rise in Iranian crude oil exports.

Deputy oil minister further recalled several measures taken for marketing and sales of crude oil during the post-sanction era by the National Iranian Oil Company (NIOC); “therefore, no restrictions will remain on increasing sales and exports of crude oil,” he stressed.

Pointing to the multi-billion-dollar investment opportunities in various sectors of Iran’s oil, gas and petrochemical industries, Zamaninia reiterated “transfer of technical knowledge, improving technology as well as incorporation of modern technologies in different areas are among prerequisites set by Iran for expansion of cooperation with the world's largest oil companies.”

 

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