Iran’s oil minister outlines prioritized plans to restore oil sales

Business Materials 16 August 2013 13:25 (UTC +04:00)

Azerbaijan, Baku, Aug.16/ Trend F.Karimov/

Bijan Namdar Zanganeh, the new Iranian oil minister, has outlined prioritized plans of the ministry after he was approved by the Majlis on Thursday.

"Boosting Iran's oil output to 4 million barrels per day and promoting diplomatic bargaining in cooperation with ministry of foreign affairs to lessen the effects of the international sanctions will be among the most important plans," he said.

Developing joint oil and gas fields, especially the South Pars gas field, and resuming swap of oil will be other prioritized plans, he noted.

Moreover, a special committee should be formed to find new markets for oil products, he said.

Previously, Zanganeh was quoted as telling Shana, the Oil Ministry's news website that, "My first action will be to bring the country's oil production capacity back to 2005" levels.

"At that time Iran wasn't subject to United Nations, U.S. and European Union sanctions against its civilian nuclear program. The measures, imposed during ex-president Mahmoud Ahmadinejad's time in office, have restricted international companies' ties with Iran and the country's crude exports."

"I don't mean output should be immediately returned to its past level because it may not be possible due to sanctions," Zanganeh said. "But stable production capacity should be created so that we will be able under any circumstances to benefit from oil for our domestic needs."