Min. says petrodollars should no longer be relied on

TEHRAN, Sept 04 (Shana) – Minister of Energy Hamid Chitchian said on Saturday that gone is the era of oil rich regions’ reliance on petrodollars and one should rely on domestic potential to build a better future.

Chitchian made the remarks in a joint meeting with his Algerian Counterpart Noureddine Bouterfa.

He said Iran and Algeria should abandon the economy relying on oil.

He added, “When global oil price surges, the oil-rich countries like Iran and Algeria mainly relied on oil revenues to implement development projects but at the time of sanctions we realized that not on a single product should be relied.”

Chitchian said Muslim countries’ key to survival is reliance on domestic potential and in this concern, “we are ready to help all Muslim countries, including Algeria, through sharing experience in water and power. We welcome experience of Algeria in water and power industries because we believe that Muslim countries should join hands to minimize our industrial needs in western states.”

Buterfa said Algeria has special plan in power and it is revised every 10 years. “Now there is a project for construction of a new 12,000 megawatt power plant by 2022. This can serve as a good opportunity for partnership of Iran and Algeria.

Algeria has also plan for using renewable energies and we are now holding tender in that concern, being happy to see Iranian companies running the tenders.”