Azernews.Az

By Sara Rajabova

Iran believes that the oil sanctions imposed on the country over its nuclear energy program will be removed in near future.

Country’s Petroleum Minister Bijan Zangeneh said on December 13 oil sanctions against Iran will be lifted in the “next few days", Iranian media reported.

He made the announcement while opening Iran’s Petrochemical Forum in Tehran with an appeal to foreign companies to re-open their offices in the resource-rich country.

The energy-rich country has long been eyeing the lifting of sanctions and returning of foreign companies to the country. The foreign companies, such as BP, Total, Lukoil ad many other companies forced to leave the country after Iran hardly hit by the U.S. and EU sanctions in 2012.

The sanctions covering different spheres of the economy had destructive effects on the Iranian economy. The nuclear deal signed between Iran and world powers in July gave new incentive for the revival of the sanctions-hit economy.

The lifting of sanctions will enable the country to fulfill its 20-year vision plan, including its target to produce $70 billion of petrochemicals a year at current prices, Zangeneh further added..

Zangeneh added that Iran has enough feedstock at its Persian Gulf coasts for new projects, including its plans for production of ethylene from LNG, ethane and propane.

He called on leading energy companies to re-open their offices in Iran in order to get Iranian support.

Iran also voiced readiness to sell its oil lower than the current oil prices. Currently, the global price for Brent oil is nearly $38, while prices for WTI oil stand at $35.

Zangeneh said his country, returning to the oil market after the lifting of economic sanctions, could sell oil at prices below $ 30 a barrel.

Iran has no intention to stop oil industry even if oil prices fall below $ 30 a barrel.

The Islamic Republic plans to produce around 500,000 barrels per day. Zangeneh said in the coming months it will again be increased by 500,000 to reach one million barrels per day.

Iran is seeking to regain its position in world markets, and urge OPEC members to cooperate in this matter.

Iran is looking forward to the removal of the sanctions in the coming weeks. The lifting is to be carried out under the Joint Comprehensive Plan of Action which was reached between Iran and the group 5+1 (the US, UK, France, Russia, China, and Germany) in July.

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Sara Rajabova is AzerNews’ staff journalist, follow her on Twitter: @SaraRajabova

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