SHANA -- Iranian Minister of Petroleum Bijan Zangeneh said that the central bank of Iran (CBI) was to bankroll Siraf refining project by investing Rls. 200,000 billion in the plan.

Speaking to reporters on the sidelines of the first innovative event of the Iranian Ministry of Petroleum on Monday morning, Zangeneh said the project was under way and the central bank had agreed to fund it.

He further described compressed natural gas (CNG) as the national fuel for Iran, adding the fuel needed to be supported as such, even though energy intensity of the country would not be improved by replacing petrol with CNG; however, this could be a major economic success for the country.

The official further said that the issues concerning pollution of the fuels producers domestically needed to be addressed in the automotive industry.

The US Sanctions

Elsewhere, Mr. Zangeneh said: “I have no doubt that one of the reasons for the US to impose sanctions on Iran and Venezuela is to make room for its shale oil output at prices that justify investment in the sector.”

He said the US had managed to increase its output by 1.5 mbd in 2018 and 2019 at oil prices above 60 dollars per barrels and could easily manipulate the market by pushing Iran and Venezuela out of the market. “Therefore, this is not merely a political matter, but an economic one, too, which was presented as a political issue and they enforced it by bullying power.”

He said: "We know how to regain our market share. Wee and our colleagues know how to overcome the bullying conduct of certain producers. We must pass behind the sanctions era."