Wednesday, May 31, 2023   12:52:59
Deputy Oil Minister:Iran Sets to Racket Crude Production upon Official Banking Sanctions Removal

TEHRAN (NIOC) _ Iran will have an increase of 500 thousand of barrels of crude oil per day, once the sanctions on the banking system are officially removed, Managing director of national Iranian Oil Company (NIOC), Roknoddin Javadi said.

Welcoming the lifting of imposed sanctions on the country's energy sector, Javadi stated: "Today, there is a great opportunity to accelerate the pace of development and it certainly affects the oil industry in an extensive way."

Managing director of NIOC not only called 'the removal of sanctions' positive but also explained that increase in production capacity,  claiming debts, and providing investment for civil affairs through attracting investments and technology from the global market are among top priorities of NIOC in the post-sanction era.

He added: "we are currently monitoring the problems and obstacles our banks are facing with, since it will take few weeks to be solved and once there would be no other major problem, Iran would definitely be ready to boost production and export.

Noting that there no longer exist any technical problem especially in the pipelines and facilities, Javadi stated:" Regarding the lifting of sanctions and all the undertaken evaluations, it is predicted that by the middle of the next Iranian calendar year, the first oil contract within IPC model, will be signed.

Javadi emphasized:" My message to International companies is to track this issue in a more serious, explicit and clear way".


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