Oct 05, 2019 14:40 Asia/Tehran [Updated: Dec 28, 2019 15:40 Asia/Tehran]
  •  Iran continues exporting oil despite sanctions

Iran's Oil Minister spoke about alternative ways of oil export, petrochemical capabilities, and his forecast for Brent crude oil prices.

Iran Press/Europe: Iran's Oil Minister, Bijan Namdar Zangeneh, in an exclusive interview with Sputnik on the sidelines of Russian Energy Week spoke about alternative ways of exporting Iranian oil despite US sanctions, the country's petrochemical capabilities, and also his forecast for Brent crude oil prices.

Answering a question about the methods used by Iran regarding oil export, Zangenh pointed out that Iran uses any methods to export its oil and Iran does not give up in the face of restrictions and sanctions. 

Iran's Oil Minister in answer to a question regarding establishing an oil refinery near Caspian sea said Iran is not going to build a refinery there because at the moment there is no oil production, and it is unlikely to transfer oil from southern regions. He said instead of that, "We prefer to build new refineries in the southern parts of the country. However, in the Caspian region, we plan to build two safe petrochemical plants that 100% meet environmental requirements."

Regarding the petrochemical section, Zangeneh added, "In general, the petrochemical industry in Iran has reached an acceptable level: its production brings about $18 billion in revenue, and it is going to increase at a good pace."

On the issue of Brent crude oil price, he Said "No one can predict future oil prices, what we are saying is only estimates, speculation. Market prices mainly depend on supply and demand and various other factors, particularly on politics and social issues. The price of [Brent crude] oil now remains at about similar levels, and I believe that there will not be a big spike in prices ahead." 101/219

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