Iran bids farewell to sanctions on oil industry: Oil Minister

Iran’s Oil Minister Rostam Qasemi has stressed the importance of making use of ‘the great capabilities’ of Iranian experts, saying the Islamic Republic has thus nullified the impacts of Western sanctions on its oil sector.

“Sanctions against Iran’s oil sector have failed and will not block the progress and development of the industry,” Qasemi said on Monday.

“Today, [Iran’s] adversaries consider the restrictions on Iran’s oil industry as ‘tough sanctions,’ but based on domestic capabilities, I confidently say that the oil industry has bade farewell to the embargoes,” he added, Shana reported.

The minister also emphasized that Iranian experts would pursue the objectives of the oil industry in the future.

The US and EU have imposed financial and oil sanctions against Iran since the beginning of 2012, claiming that the country’s nuclear energy program includes a military component.

Tehran refutes such allegations, noting that frequent inspections by International Atomic Energy Agency have failed to prove any diversion in Iran’s nuclear energy program toward military purposes.

On March 20, Great Satan US Secretary of State Hillary Clinton said in a statement that Washington had exempted 10 EU member states and Japan from the new sanctions on Iran.

The measures against the major OPEC member poses a risk to Obama’s re-election bid in the November presidential race as they could aggravate the rising gas prices in the US.

Obama had to make a decision on the sanctions 90 days before they go into force on June 28 and is to periodically re-assess the restrictions.