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Iran Plans to Sell Oil in Exchange for Investment and Goods




  • In Business
  • 2021-10-10 15:36:26Z
  • By Bloomberg

(Bloomberg) -- Iran plans to offer oil and gas condensate to "any investor" in exchange for either goods or capital investment in the Islamic Republic's sanctions-hit energy sector, the country's oil minister said.

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The ministry would welcome investment in both Iran's upstream and downstream industries in exchange for oil or condensate, Javad Owji said in comments shown on state TV, without specifying whether the initiative is aimed at domestic or foreign buyers. The plans were presented to lawmakers on Sunday and are pending their approval, he said.

It's unclear whether the plans rely on the ailing 2015 nuclear deal being restored and U.S. sanctions on Iran being lifted. Tehran's oil exports are effectively embargoed by Washington and sales have plummeted since 2018, when then-President Donald Trump withdrew from the accord.

Negotiations to restart the nuclear deal have been stalled since June when Iran elected hardline cleric Ebrahim Raisi as its new president.

Owji said a global rise in oil demand bodes well for Iran and his ministry predicts energy demand will "increase day by day" as economies ease lockdown restrictions and recover from the pandemic.

(Updates with details from third paragraph onwards.)

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