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Iran oil industry faces no money shortage: Oil Minister

Tehran, July 17, IRNA - Iran's Oil Minister Kazem Vaziri-Hamaneh said here Tuesday that Iran's oil industry is faced with no problem in financing its oil projects.

Vaziri-Hamaneh was speaking to reporters on the sidelines of a conference on pipe and its affiliated industries.

He gave a negative response to a question whether OPEC would suspend a reduction in oil production, saying, "OPEC members believe there is no oil shortage on the market and that geographical and political issues and lack of oil products have led to prices hike."

He added, "An increase in crude oil supply will not solve this shortage, nor will have it have any impact on prices."

The minister said, "There is a prediction that oil prices will reach a ceiling of dlrs 80 per barrel but it is not definite."

Asked about talks with Turkey on transfer of Iran's gas to Europe, he added, "In a recent meeting with the Turkish energy minister, the sides reached agreements on a permission to transit Iran's gas to Europe and another one on transit of Turkmenistan's gas to Turkey."

Vaziri-Hamaneh said that Turkey is interested in developing three phases of Iran's South Pars field.

He expressed hope that a final agreement on Peace Pipeline project would be signed between Iran, India and Pakistan by late August and said, "An agreement is expected to be signed between the three states after India and Pakistan agree on transit right."

On crude oil sale to Japan in Yen, the minister said, "We have received part of our crude oil export in various foreign currencies since 1.5 years ago."

... Payvand News - 7/17/07 ... --

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