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News number: 8807160550

16:30 | 2009-10-08

Economy

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Iran Warns Fuel Sellers against Supply Cut

TEHRAN (FNA)- Iran is able to break any embargo on the country's imported gasoline by 'demonopolizing' the list of gasoline exporters, the Iranian oil minister said.



"We have added some new sellers to the list of gasoline providers referred to by Iran" so that it has broken the monopoly existing in the market of gasoline and other oil products," Massoud Mirkazemi said on Wednesday.

He was quoted by press tv as saying that Iran would buy gasoline from any country producing it with good quality and reasonable price.

Mirkazemi added that any gasoline seller that stops providing the fuel to Iran would be 'eliminated' from Iran's list of suppliers.

Earlier on Monday, the managing director of the National Iranian Oil Products Distribution Company said that the current situation of the world economy made it impossible to cut off gasoline supplies to Iran, despite all US efforts to this end.

"Given the seven percent negative growth of the developed countries and the likelihood of the insolvency of many refinery companies, any discussion of imposing an embargo on the supply of gasoline to Iran on the global markets is futile," Farid Ameri said.

"There is at present a great surplus of refinery capacity, and, to avoid insolvency, refining companies must produce and sell refined products," he added.

"We are not concerned about securing the country's gasoline, and very soon will be able to provide our needs, with high quality, by using the potentials of our petrochemical industries," Ameri said.

The US is exploring ways of targeting fuel imports into Iran if the country continues to press on with its nuclear program.

In a piece of extraterritorial legislation, the US House of Representatives approved a bill on October 1 that would ban non-US companies from supplying gasoline to Iran.