Sanctions not to break Iranian ties with Cuba and Ecuador

Iran Materials 8 September 2011 13:50

Azerbaijan, Baku, Sept. 8 /Trend/

Western sanctions against Iran will not break trade and commercial ties with Cuba and Ecuador, IRNA reported quoting Energy Minister Majid Namjou as saying.

"Iran's trade and commercial cooperation with Cuba and Ecuador may be maintained through the third country," he said.

Namjou noted that Iran's Energy Ministry is negotiating to install a power plant valued $130 million in Ecuador and at the same time supports Iranian companies in Cuba.

Iran's current goods turnover with Cuba are valued at $10 million with a major part belonging to Iranian exports to Cuba.

Iran is the world's second largest reserves of gas and third in oil reserves, faces US and UNSC sanctions over its nuclear program.

The United States has stepped up its efforts to isolate Iran-linked commercial entities tied to nuclear program since the United Nations Security Council ordered a fourth set of sanctions against Iran in June 2010.