Azerbaijan, Baku, Jun.18/ Trend R.Zamanov
Three Iranian banks will enter the oil products exporting field to support the private sector, Hassan Khosrojerdi, head of the Iranian Oil, Gas and Petrochemical Products' Exporters Union said on Tuesday.
One of the banks can issue letters of credit (LCs) for exporting one million barrel consignments and the other two can issue LCs for two million barrel consignments, the IRIB News Agency quoted Khosroherdi as saying.
He expressed hope that the private sector resumes exporting oil in two weeks.
The Oil Ministry, the Central Bank and the private sector had come to terms over the export of 20 per cent of Iran's export bound crude oil by the private sector in July 2012. However, the outcome of the outlined goals has not materialised and the private sector has suspended crude exports.
Khosrojerdi had said in March that the specific policies of some banks and also the National Iranian Oil Company (NIOC) have led to the cessation of crude oil exports by the private sector.
In order to counter the EU and U.S. sanctions on its oil sector and the Central Bank of Iran, Tehran announced that it will transfer 20 per cent of crude oil exports to the private sector.
The head of the union said the banking system has not supported the private sector at all, adding that local banks do not issue letters of credit (LCs) for the private sector to export crude oil.
National Iranian Oil Company Managing Director Ahmad Qalebani said on February 6 that buying and selling crude oil is coupled with problems. He referred to depositing money in the Central Bank's account overseas as one of the problems facing the private sector. Procuring oil tankers and dealing with insurance and banking issues are other problems, he noted.