Iran produces 70 percent of oil equipment domestically
Azerbaijan, Baku,Dec. 9/ Trend M. Moezzi/
Iran produces 70 percent of its oil equipment domestically and has nothing to fear from new sanctions, the deputy director of Iran's National Iranian Petrochemical Organization (NIPO) told Ilna news agency.
Countries planning to boycott Iran should know the country operates fine under sanctions, Gholam Hossein Bayat told Ilna. He added that Iran's oil project partners have continued their work and there is no worry that this will stop.
According to the U.S. Energy Information Administration (EIA) as of January 2011, Iran has an estimated 137 billion barrels of proven oil reserves, 9.3 percent of the world's total reserves and over 12 percent of OPEC reserves.
In 2010, Iran exported approximately 2.2 million bbl/d of crude oil. Last year Iran's net oil export revenues amounted to approximately $73 billion.