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Weapons of Mass Destruction (WMD)

Iran has potential for earning oil revenues in full

IRNA - Islamic Republic News Agency

Tehran, Sept 30, IRNA -- Deputy Minister of Petroleum Ali Kardar said late Sunday that there is no limitation on earning the entire oil revenues from exports, Iran's oil revenues have increased by 40 percent compared to the figure for the year earlier.

Ali Kardar, aso Managing Director of National Iranian Oil Company (NIOC) Ali Kardar added on the sidelines of signing contract for building Jask crude storage tanks that there are various solutions for getting the oil revenues.

Of course, transactions in the world are conducted through banking system not through banknotes, he said.

As to developing oilfields, he said that tenders have been offered for developing oilfields including Ahvaz oilfield.

Asked about cutting oil production, he said, "There is no plan for reducing oil production, as we will continue oil production seriously."

Oil sales have always been conducted via long-term agreements and in the form of single-cargo and the mechanism is currently in place, he said.


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