Iran sets up domestic consortium to overcome sanctions in oil sector
Azerbaijan, Baku, Apr. 20/ Trend F.Milad/
The Iranian oil ministry has established a consortium of local manufacturers aimed at supporting domestic production and counter sanctions against the oil sector, Fars news agency reported.
Oil Minister Rostam Qasemi made the remarks in a press conference during the 17th International Oil, Gas, Refining and Petrochemical Exhibition (Iran Oil Show) in Tehran. He said the National Development Fund should help finance oil projects.
Qasemi said on Wednesday that the sanctions imposed on the country have not closed down or even halted any oil project and that crude exports are flowing uninterrupted.
Despite the international sanctions on Iran, the number of countries participating in this year's exhibition has increased by about 10 per cent compared to last year.
President Mahmoud Ahmadinejad has said that the National Development Fund's assets would hit $55 billion by the end of the current calendar year.
At least 20 per cent of the fund's credits will be allocated to promoting foreign investment according to Iran's Finance and Economic Affairs Minister Shamseddin Hosseini. Iran transfers 20 per cent of oil revenues to National Development Fund.
On January 23, EU foreign ministers approved sanctions against Tehran, including a ban on Iranian oil imports, a freeze on the assets of the Central Bank of Iran (CBI) within the bloc's states and a ban on selling diamonds, gold and other precious metals to Tehran.