22 Jul 2024
Wednesday 24 October 2012 - 15:02
Story Code : 8630

Iranís private sector exports over 20 million barrels of oil over 4 months

Iranís private sector exports over 20 million barrels of oil over 4 months
By The Journal of Turkish Weekly

The Iranian private sector has exported over 20 million barrels of crude oil to international markets during the past four months, circumventing the West's sanctions targeting the Islamic Republic's oil sector, the Mehr News Agency quoted the chairman of the union of Iranian exporters of oil derivatives, Hassan Khosrojerdi, as saying.

"A number of new consignments will be also exported to Asian and European markets within the next few days," he added.

On September 9, the private sector delivered the first shipment of crude oil to foreign buyers, despite the U.S. and EU sanctions.

"An agreement has been made that allows an Iranian consortium comprising private firms to export 20 percent of its oil exports to international markets, including the EU," Khosrojerdi said.

"This equates to around 400,000 to 500,000 barrels of oil per day," he added.

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

On September 2, Mohammad-Ali Khatibi, who is Iran's OPEC governor and the director of the National Iranian Oil Company, said Iran's oil exports are at their normal level and are unaffected by Western embargoes.

"We don't see anything abnormal, almost everything is progressing routinely," he told the ISNA News Agency.

In July, Oil Minister Rostam Qasemi said that although the West has imposed sanctions on Iran's oil sector with the goal of toppling the Islamic establishment, the country's oil exports will never be halted because oil consuming countries need Iranian crude.

"There are many ways to easily sell oil, one of which is to take advantage of businessmen and the private sector," Qasemi said.

At the beginning of 2012, the United States and the European Union imposed new sanctions on Iran's oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

U.S. sanctions entered into force on June 28, while EU bans on Iranian oil imports came into force on July 1.


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