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News number: 9106062928

13:29 | 2012-09-11

Economy

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Iranian Oil Minister: Oil Industry's Projects Witnessing Highest Progress Rate

TEHRAN (FNA)- Iran's Oil Minister Rostam Qassemi underlined the ineffectiveness of the western sanctions on the country' oil industry, and said that the ministry's projects enjoy satisfactory growth compared with what has been mentioned in the country's fifth five-year development plan (for 2010 to 2015).



"Most oil development projects are under way under conditions of sanctions, and perhaps we have the highest progress in the oil sector," Qassemi said on Monday.

"I hope that we will realize the objectives set in the Fifth Five-Year Economic Development Plan (2010-2015) because they will contribute to the country's progress," he continued.

In the meantime, Qassemi termed the sanctions as one of the main causes contributing the country to achieve self reliance and self sufficiency in procuring equipment for the oil industry.

After the UN Security Council ratified a sanctions resolution against Iran on June 9, 2010, the United States and the European Union started approving their own unilateral sanctions against the Islamic Republic over its nuclear program, mostly targeting the country's energy and banking sectors, including a US boycott of gasoline supplies to Iran.

The US Senate passed a legislation to expand sanctions on foreign companies that invest in Iran's energy sector and those foreign companies that sell refined petroleum to Iran or help develop its refining capacity.