Hassan Khosrojerdi head of Iran's Oil, Gas and Petrochemical Products Exporters' Association announces that private sector has signed three contracts to sell four million barrels of crude oil.

Hassan Khosrojerdi said that the signing process of two contracts for exporting crude oil is now completed and the other contract is in process.

Stating that the volume of each shipment is about two million barrels, Khosrojerdi said after the problems of payment mechanism are solved, the shipments will be exported promptly.

He also criticized the policies of the Central Bank of Iran, saying that if the financial mechanism is not approved by the CBI, the private sector cannot do anything serious to export oil.

Head of Iran's Oil, Gas and Petrochemical Products Exporters' Association said until recently, the state-owned National Iranian Oil Co. was the exclusive marketer of the country's oil on international markets, but this year, crude oil export license was granted to the private sector.

An agreement has been made with an Iranian consortium comprising 65 private firms to export 20% of its oil exports to international markets, including the European Union, Khosrojerdi said.

Iran has exported a crude-oil cargo through the private sector�for the first time on September 9,�despite the U.S. and EU sanctions targeting the Islamic Republic�s oil sector

Economic experts say that Iran�s private sector will fill the gap created by international sanctions on Iran�s oil sector and central bank.

In recent months, the West has been increasing pressure on Iran, and making stronger accusations that the Islamic Republic is developing nuclear weapons�allegations Tehran denies. The sanctions have culminated with a full-fledged embargo banning Iran oil from the EU while U.S. restrictions against Tehran's central bank have forced Asian buyers to reduce their crude imports from the Middle-Eastern nation.