Oil chief, MPs to discuss oil export cut-off

Iran Materials 30 January 2012 12:13 (UTC +04:00)

Azerbaijan, Baku, Jan. 30/ Trend M. Moezzi/

The National Iranian Oil Company's managing director will meet tomorrow with the country's MPs to discuss an immediate stop of oil exports to Europe, Fars News Agency reported.

Ahmad Qalebani's session with the Majlis' (parliament) energy commission will be dedicated to analysing the export cut off before the six-month timeline Europe has laid out for embargoing Iran's oil.

The proposal is Iran's response to the latest round of sanctions imposed against it by the West. The European Union's (EU) foreign ministers agreed to stop buying oil from Iran in six months. When current oil contracts expire, the 27 countries that make up the EU cannot sign new ones. The new sanctions will also freeze some of the Central Bank of Iran's (CBI) assets.