25 Apr 2024
Wednesday 12 July 2017 - 16:22
Story Code : 268115

'Silver Lining of Sanctions': Iran decreases oil, gas dependence in 4 years

Sputnik News- Iran has managed to reduce the reliance of the national budget on oil and gas revenues from 43 percent in 2013 to 29 percent at the moment, as a consequence of international sanctions imposed on the country, Iranian Deputy Minister of Petroleum for Trade and International Affairs Amir Hossein Zamaninia said Wednesday.

At the same time, the level of corruption has steeply increased in the oil and gas industry of Iran in recent years, the deputy minister added.

"One of the silver linings of sanctions unduly caused on Iran was that we relied on our own engineering base and increased our production and at the same time decreased our reliance on oil and gas from 43 to 29 percent," Zamaninia said on the sidelines of the World Petroleum Congress in Istanbul.

"Sanctions promoted corruption inIran inoil and gas business inorder tocircumvent sanctions," Zamaninia said.

International sanctions againstIran have been gradually lifted sincemid-2015, when ahistoric agreementwas reached withP5+1 countries (China, France, Russia, the United Kingdom, the United States plus Germany) onIranian nuclear program. The nuclear deal took effect in2016.

In January 2016, Irans compliance withthe terms ofthe deal, verified bythe International Atomic Energy Agency (IAEA), allowed fora large part ofthe internationalanti-Iranian sanctionstobe lifted, including the deprivation ofaccess tofrozen assets, ban onpurchasing passenger planes, and sale ofoil and coal.
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