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News number: 9203181552

10:48 | 2013-06-12

Economy

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Oil Minister Describes Tehran-New Delhi Talks as Constructive

TEHRAN (FNA)- Tehran and New Delhi had constructive negotiations on India's participation in the development of Farzad-B gas field, Iranian Oil Minister Rostam Qassemi said.



"During a three day visit to India last week, we held talks with Indian officials on development of Farzad B gas field," Qassemi said, and added that the results of negotiations will be announced after an Iranian-Indian expert team to end examination of details on the issue.

In-place gas reserves of Farzad B gas field is estimated at more than 21.5 billion cubic feet of which approximately 12.8 billion could be recovered.

In response to a question on whether Iran considers discount to sell its oil, Qassemi said, "We sell our crude based on international prices."

On the impacts of sanctions, Qassemi said that selling oil was underway as usual.

"Oil exports have shrunk a little bit which it is due to converting crude oil to products with the aim of exports," he said.

"Once Iran imported gasoline but today it exports the products and is engaged in finding new markets for its gasoline and other oil products."

On insurance oil tankers, he said the oil tankers shipping Iran's oil have no problem with insurance because Iran guarantees insure of cargoes.