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Ahmadinejad calls for completing oil nationalization process

Business Materials 3 August 2010 12:07 (UTC +04:00)

President Mahmoud Ahmadinejad has called on officials to work for completing the nationalization of domestic oil sector.

He made the remarks in Tehran on Monday a week after the European Union adopted new sanctions against the Islamic republic's nuclear program.

"Today, we are certain of our capability of manufacturing the whole range of spare parts needed for the country's oil industry," Ahmadinejad was quoted as saying by IRNA news agency.

"Iran's oil industry will be completely nationalized when all oil production procedures and its turning into goods with added value will be carried out in the country."

President Ahmadinejad added that Iran's efforts to make progress in oil and gas industry are aimed at making unjust relations of world's economic powers history and establishing justice, Press TV reported.

oil price 'too low'

Ahmadinejad stated that crude oil prices are too low due to efforts by some countries to keep it down to help economic recovery.

"Oil has not found its real economic status, and its price, under the influence of some countries, is always unrealistic low," the president added.

"Some people claim the oil price should be lowered because of the economic problems of some weak countries. But the right of oil producing countries must first be realized and then we ourselves will help weak countries." 

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