Saturday, April 16, 2011

Minister Stresses Iran's Key Role in Energy Security

Addressing the opening session of the 16th Oil, Gas, Refining and Petrochemicals Exhibition here in Tehran on Friday, the Iranian minister advised the consumer states to pursue the policy of further engagement rather than confrontation with Iran's oil industry.

"Iran is ready to vigilantly and logically enter negotiation with foreign companies and have transactions to promote global economy in light of energy security," Mir-Kazzemi noted, adding, "Iran is now having high talents and science. The opportunity is now available for domestic industrialists to compete with the foreign rivals."

After the UN Security Council ratified a sanctions resolution against Iran on June 9, 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.

The bill, which later received the approval of the House of Representatives, said companies that continue to sell gasoline and other refined oil products to Iran would be banned from receiving Energy Department contracts to deliver crude to the US Strategic Petroleum Reserve. The bill was then signed into law by US President Barack Obama.

Source: http://english.farsnews.com

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