Iran downplays UN imposed sanctions

Iranian Oil Minister Massoud Mirkazemi has downplayed the impacts of the UN-imposed sanctions against the Islamic Republic over its nuclear program.

Thanks to the “capabilities of domestic firms and financial sources inside the country, sanctions failed and did not hinder us from achieving our goals,” he was quoted as saying by the oil ministry’s website, SHANA, on Monday.

Mirkazemi made the remarks during a meeting between officials of the National Iranian Gas Company (NIGC) and Iran’s Bank Saderat to sign a gas contract worth USD 4 billion.

The deal was about the construction of Bidboland 2 gas refinery and a unit for production of ethane gas in Parsian refinery.

Upon the launch of Bidboland 2, Iran’s natural gas output would reach 57 million cubic meters per day, its ethane and propane output would reach 1.5 million tons and 1.4 million tons per year respectively, according to the NIGC.

The US-engineered sanctions against the oil sector and foreign investment in Iran has proven to be an “ineffective” venture, the oil minister said.

Last year in June, the UN Security Council imposed a fourth round of sanctions against Iran’s financial and military sectors under Western pressure.

Washington and its European allies have also imposed unilateral measures against Iran’s energy sector.

Western powers accuse Tehran of following a military nuclear program, a charge repeatedly refuted by the Islamic Republic.

“In the Fifth Development Plan, the country’s Oil Ministry needs USD 150 billion investment that requires sources outside the ministry to cooperate,” Mirkazemi said.

He noted that the investment of Iranian banks in the Oil Ministry would undoubtedly increase profits.

Iran’s Fifth Five-Year Economic Development Plan is part of long term roadmap for sustainable growth.