Iran`s private sector cannot sell oil, says official

Tehran, Iran, Oct.13

Trend:

Despite the restrictions on Iran's foreign trade, the volume of trade with China in 2018 has increased by 10 percent, while with other countries in the East Asian region, there was recorded a growth of 12 percent, Vice Chairman of Iran and China Joint Chamber of Commerce Majid-Reza Hariri told Trend.

Regarding latest trade relations between Iran and China he said the Chinese have announced that they are buying oil despite US sanctions, and the previous contracts remain in place. Imports of petrochemicals and minerals form Iran, according to their own statements, will continue.

Trump Administration officials have stated that their intention is to slash Iranian oil exports from their current 1.7 million barrels per day all the way down to zero. This objective, however, is likely to be undercut by China, which currently buys around one quarter of Iranian crude and will not be joining a unilateral cut-off of Iranian oil imports.

Referring to the European Union`s new payment mechanism to allow countries to transact with Iran while avoiding U.S. sanctions, he said Iran already have a same mechanism with China.

Referring to the latest decision on offering oil via stock exchange he said that from the beginning of the oil exploration to the present day, it was the government selling oil and the private sector has no history in this area. "Indeed, our businessmen are not at all able to do this."

“The lack of knowledge will cause abuses. In today's Iran economy, we even are missing the capacity of sale of pistachios, saffron and carpets."

Regarding the latest issue of trade with China, he said the volume of trade with China in 2018 has increased by 10 percent, and $ 42 billion worth exchanges between two countries is expected for this year, 53 percent of which are exports and 47 percent account for imports.

“In addition to China, the volume of our exchanges with other East Asian countries, such as Japan and ASEAN, has increased 12 percent.”

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