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Iran to export 20% of its oil via a private consortium

Source: Tehran Times

As the West intensifies oil sanctions against Iran, 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. This equates to around 400,000 to 500,000 barrels of oil per day.

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

The agreement has been signed by the Central Bank of Iran, the Oil Ministry and a union of exporters of oil derivatives.

"For implementing this plan a consortium consisting of exporters with good reputations has been established," Hassan Khosrojerdi, head of the union of exporters of oil derivatives, told the Mehr News Agency.

Khosrojerdi said the first contract for the export of Iranian oil by the private sector would be signed this week.

The National Iranian Oil Company has signaled that if the private sector succeeds in the endeavor there will be no limit to how much the consortium can export, Khosrojerdi revealed.

The move is intended to counter the Western economic war against Iran.

The consortium will sell some of its oil to private-owned European refineries.

"Negotiations have been conducted with some European refiners and a deal has been done," he stated.

However, he refused to give details about the agreements made for the export of oil to European markets.


... Payvand News - 07/08/12 ... --

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