Deputy Minister: Giant oil companies to return to Iran after removal of sanctions

TEHRAN (FNA)- Iran’s Deputy Oil Minister Kazzem Vaziri-Hamaneh underlined that the removal of the western sanctions against Tehran after the Geneva nuclear agreement will pave the way for the return of giant oil firms to Iran.

“Giant international firms are perceived to return to Iran’s oil and gas industries upon the complete removal of sanctions,” Vaziri-Hamaneh told reporters in Tehran on Wednesday.

“Certainly, the annulment of sanctions will facilitate and accelerate exports operations and supply of Iranian oil to the global market,” he added.

Vaziri-Hamaneh said from now on (after the removal of sanctions) Iran’s crude customers can buy and carry crude cargos from the country under their insurance of choice and by their own tankers.

On Sunday, Iran and the Group 5+1 (the US, Russia, China, Britain and France plus Germany) reached a final deal after days of difficult and intensive negotiations and a decade-long nuclear standoff.

The deal includes removal of a part of the US-led West’s sanctions Iran’s crude supplies, petrochemical exports and part of the banking operations, including the pay-back of Iran’s crude export revenues.

According to the deal, no further sanctions will be imposed against Iran. Iran’s crude sales will be maintained at the current level and Iran’s oil revenues will also be released.

Sanctions on Iran’s petrochemical sector will be completely removed and the sanctions on the country’s auto industry will also be lifted.

Sanctions on imports and exports of gold and precious metals, as well as the ban on the insurance of transportation and shipping services will be fully lifted as well.

By Fars News Agency

 

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