Zanganeh: Oil sector bears brunt of sanctions

TEHRAN (FNA)- Iranian Oil Minister Bijan Namdar Zanganeh said the petroleum industry is at the receiving end of international sanctions against Iran.

“Oil bears the brunt of sanctions and we have to exercise oil diplomacy as much as possible in order to go through the present circumstances,” Zanganeh said.

“The Oil Ministry has different economic, political, commercial, international and even security aspects, and oil-based economy makes great contribution to development,” said Zanganeh who was also minister from 1997 to 2005.

He said oil and its products account for nearly 98 percent of Iran’s energy, noting that oil is main money-earner in Iran.

“Due to the significance of oil in our country, the enemies of the Islamic Republic of Iran insist on imposing sanctions on the petroleum industry and that is why oil is main target of cruel sanctions,” noted Zanganeh.

“Under the present sensitive circumstances, our petroleum industry is facing many difficulties which we cannot resolve without removing hurdles,” he said.

Zanganeh said the petroleum industry must be run by oil experts and it should not be politicized.

He reaffirmed his intention to return Iran’s oil production to the 2005 levels.

Zanganeh said development of hydrocarbon fields Iran shares with its neighbors must be prioritized.

He added that he had managed to raise the value of petrochemical production from one to 20 billion dollars during his term in office under President Mohammad Khatami.

Zanganeh said oil contracts must be also reconsidered to become more attractive for potential investors.

He stressed the need for enhanced oil recovery from Iran’s reservoirs.

“Today, oil desperately needs investment and professional management to attract investment,” Zanganeh said.

By Fars News Agency


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