Iran in talks to buy shares of Asian, European refiners
Baku, Azerbaijan, Oct. 20
By Fatih Karimov - Trend: Iran is in talks with some Asian and European refiners to buy their shares.
Mohsen Ghamsari, director for international affairs at the National Iranian Oil Company, said, "Regarding purchase of shares of some refiners, the oil minister and his representatives are negotiating," Iran 's Fars news agency reported Oct. 20.
Marketing crude oil through investing in refineries of target countries is among our long-term objectives, he said, adding that such issues are time-consuming and require legal activities.
Making such investments is dependent upon lifting of the sanctions, he noted.
Acquiring such strategic assets in other countries gives the government invaluable leverage to keep Iranian oil flowing at a reasonable price.
Mohammad-Ali Khatibi, Iran's former OPEC governor, said in June that Iran can purchase shares in lieu of debts owed by refineries for previous oil purchases, which were not reimbursed due to the sanctions imposed against Iran.
"Acquiring more than 50 percent of an oil refinery's shares will not only reinforce Iran's bargaining power for long-term export of its crude, it can also provide the country with much-needed petrochemical products," he said.
Edited by CN