Economy
Sat Apr 18, 2020 1:17
Rouhani Prioritizes Products Trade over Crude Sell-Off
TEHRAN (FNA)- Iranian President Hassan Rouhani on Friday called on Oil Minister Bijan Namdar Zangeneh to expedite the production of petrochemicals and avoid the crude oil sell-off.

“This is a great opportunity for us to distance ourselves as much as possible from the crude oil sales,” Hassan Rouhani said.

"Speeding the ministry's plans to boost petroleum products and avoiding the raw materials’ sale could affect the sharp fluctuations in the global market and reduce oil prices helping the minimum economic stability,” he added.

Iranian President called the Iranian New year as the year of preparation and implementation of great development and infrastructure projects in the country and asked Zangeneh to plan in a way that the country's major oil projects will be put into operation this year according to the schedule.

Rouhani noted, "If there are any barriers in the way of these projects, they should be referred to the special headquarters at the presidential office, so that they can be removed as soon as possible."

Zanganeh also presented a report on the process of oil projects, global oil market and oil dealings with other countries.

In a relevant event on February 7, 2020, a senior oil official said that Iran has the daily capacity to produce 3.7 million barrels of crude oil.

Iran’s Deputy Oil Minister for Planning Houshang Falahatian told reporters that the country has the capability of exporting around 2 million barrels of crude per day.

Falahatian noted that the main aim pursued by the cruel sanctions imposed against Iran is to prevent the country from exporting its surplus oil output.

In October, 2019, Bijan Zangeneh, in a visit to a manufacturing site of the Oil Turbo Compressor Company (OTC) in Tehran lauded the country’s self-sufficiency in producing equipment and machinery needed in the oil and gas industry, highlighting that the OTC has so far outputted 200 set of 25-megawatt turbines.

 

 

 

 

 

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