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Sanctions make Iran oil sector 85pct self sufficient by 2015

Steel News - Published on Fri, 20 Apr 2012

Tehran Times reported that sanctions against Iran\'s oil industry would pave the way for it to become self sufficient by 85% before 2015.

Mr Mohammad Reza Rahimi first VP of Iran said that during the fifth five year development plan some USD 85 billion should be invested in the oil sector.

Mr Sirous Talari head of the association of oil industry equipment manufacturers said that Iranian manufacturers will supply oil industry with USD 10 billion worth of domestically made goods and equipment in the current calendar year which began on March 20th 2012. The West has imposed sanctions on the country\'s oil industry, thinking that they can restrict Iran\'s economic activities.

Mr Rostam Qasemi oil minister of Iran said that the country is approaching total self sufficiency in the production of equipment required in the country\'s oil industry. Much of the equipment needed for oil industry is being produced by domestic manufacturers.

Mr Rostam Qasemi has said that the global economic sanctions against the Islamic Republic will not be effective to hinder the country\'s oil industry progress.

He stressed the importance of making use of \'the great capabilities\' of Iranian experts, saying the country has thus nullified the impacts of Western sanctions on its oil sector. Sanctions against Iran\'s oil sector have failed and will not block the progress and development of the industry.

Meanwhile, Mr Hassan Kazemi who is a member of the board of directors of the association of oil industry equipment manufacturers said that the supply of goods may increase to USD 20 billion in the current year. If this happens, more than 60 percent of the equipment needed for the oil industry will be domestically procured.

Source - Tehran Times

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Posted By : admin on Fri, 20 Apr 2012
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