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Weapons of Mass Destruction (WMD)

Nozari: Oil revenues mostly in currencies other than US dollar

IRNA - Islamic Republic News Agency

Tehran, Dec 9, IRNA
Oil Minister Gholam-Hossein Nozari said here Sunday that major portion of Iran's oil revenues are in currencies other than the US dollar.

"Iran's crude revenues are converted into hard currencies other than the dollar so as to check the impact of the decline in its value," Nozari told reporters on the sidelines of the 12th International Seminar on Oil and Gas, held at the International Energy Studies Institute on Sunday.

On the interest shown again by Japanese INPEX to become involved in the huge Azadegan oil field development project, Nozari said when they withdrew from the deal, INPEX was so sorry and the 10 percent share it retained in the deal was intended to gain a bigger share in the contract in future when the time is ripe.

He said, "Iran is trying to ensure early production from Azadegan oil field and by producing 50,000 bpd next year, Iran intends to show its national determination. That would raise our bargaining power in talks with negotiating companies too."

On talks with Oman on the development of Hengam gas field, Nozari said he held talks with Omani officials on the issue during his recent visit to the UAE to attend the OPEC meeting and they had expressed their readiness to take part in the joint venture project.

He said a task group has been assigned to represent Iran in talks with the Omani party in that connection. "Talks are underway on transfer of gas liquids and if they come to an end, contracts will be signed."

Putting the amount of gas Iran exported to Oman at one billion cubic feet a year, Nozari said within the framework of talks with the Omani party on the issue, the country will invest in the upstream sector of Hengam gas field and part of the gas thus produced will be transferred to the country.

He said that Iran is also ready to specify the route for transfer of Turkmen gas to Persian Gulf states through its territory.

Iran has a special status in the region for the transfer and transit of oil and gas, he added.


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