Minister: Sanctions against Iran’s oil industry doomed to fail

Business Materials 2 April 2012 16:05 (UTC +04:00)

Azerbaijan, Baku, Apr. 2/ Trend F.Milad/

Global economic sanctions against the Islamic Republic will not be effective to hinder the country's oil industry progress, Iranian oil minister Rostam Qasemi said, IRNA reported.

Qasemi added that the ministry is committed to accelerate the implementation of development plans benefiting from financial resources of the banking system as well as issuing bonds.

"The oil industry's infrastructure needs more than 500 trillion rials (about 41 billion U.S. dollars) of investment to achieve Iran's 20-year economic perspective plan goals," Qasemi said in December 2011.

"By the end of the fifth development plan (2015), the country's oil production must increase to 5.2 million barrels per day (bpd) and this should happen from the country's joint fields," Qasemi noted.

Iran does not feel the pain of Western sanctions on its oil revenues, as the 17% gain in crude prices since December has largely offset the decline in exports, according to Gulf Times.

Iran has so far cut oil supplies to Britain and France, the architects of oil sanctions against Iran by the European Union. Other EU states may be on the list.