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New oil minister reveals Iran's plans for OPEC, global crude market

Business Materials 27 August 2021 18:29 (UTC +04:00)

TEHRAN, Iran, Aug. 27

Trend:

Iran's Oil Ministry will handle the sales of crude oil and gas condensate, and all the capacities will be used, said the country's Minister of Il Javad Owji, during his first day of work at the ministry, Trend reports via Mehr News Agency.

"The only way to progress is to prevent sale of oil and gas condensate by attracting investments, especially in the petrochemical sector," he said.

"In terms of oil sales, there are numerous solutions that should be legally reformed. Part of oil sales income could partly be provided by barter, by importing necessary commodities and equipment needed in the local industry," he said.

The official noted that some of domestic and foreign investors are pursuing to participate not only in the oil industry, but also in urban development, power plants and mines.

"There should be some strategy on all this. The budget for the current Iranian year (started March 21,2021) needs reforms, and there should be a solution for attracting investors, as well as for bartering for necessary commodities," said Owji.

"Our priority is to bring back Iran's quota in OPEC, as we seek to revive our share in the global crude market by creating proper solutions for selling oil," he said.

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