NIOC earns Iran over $100b amid sanctions

TEHRAN July1 (Shana)–A senior official with National Iranian Oil Company (NIOC) praised Naftiran Intertrade Company for earning Iran more than $100 billion in oil revenues in the 2010-2014 period, despite tough Western sanctions on the country.

 Seifollah Jashnsaz said that NICO as well as a number of the company’s managers have been subject to Western sanctions since 2008.

Jashnsar, former managing-director of NICO, said that despite increasing sanctions, the company has managed to invest some $20 billion on different projects.  
He distinguished anti-Iran sanctions in two kinds, saying the first kind of sanctions aim to impose higher costs on the country and the second, which began in 2010, seek to paralyze Iran’s economy.
  
Jashnsaz also hailed innovative measures and immediate decisions by NICO to overcome sanctions.
Elsewhere in his remarks, Jashnsaz praised Switzerland’s response to Western sanctions on Iran, saying Bern took a fairer approach towards Iran and never followed sanctions on the CBI and Iranian sales of oil products. 

By SHANA

 

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