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Russia, China can save Iran from Sanctions - oil expert

Oil&Gas Materials 15 October 2018 16:09 (UTC +04:00)

Tehran, Iran, Oct.15

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While Russia is a tough rival for Iran in terms of oil and gas production, Russian companies are able to solve many of the needs of the Iranian oil industry both financially and technically, an oil expert, Hussain Ibn Yousef told Trend.

“Russia is a country with a vast and extensive history of oil and gas production with the same level of the United States and Saudi Arabia. It is the major exporter of oil.”

"Russia is also the largest gas exporter," he said.

“Therefore, Russia's capabilities in oil and gas sector are not limited.

“Although Iran's preference is to take advantage of the better-performing oil exploration, production, and services of the West, as Russia is considered a rival for oil and gas exports in Iran, the Russian companies are able to solve many of the needs of the Iranian oil industry both financially and technically.” He said.

Commenting on China's ability, the oil expert says China has completely different situation; "First, we do not have the competition problem with China over oil and gas production. Second, China is the world's second largest economy, and at the same time it is considered a very large and growing market for oil, gas and refined products, as well as Iran's chemical and petrochemical products."

"Third, Iran has completely lost the US market over the past few decades and the European market is less attractive for Iran due to low population growth, widespread use of alternative energies, the use of new technologies to eliminate or diminish wasting energy and simultaneously increasing competition with Russia, some African countries and even the United States to provide energy needs of Europe."

"Therefore, the importance of Asia, and in particular China with high financial power, a vast and varied market, political independence and a strong and lasting position in international societies can be trouble shooting,” he said.

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