Iran New Plan for Confronting Oil Embargos

Deputy Oil Minister Mohammad Reza Moqaddam said Iran has new plans to confront the fresh round of sanctions against the country’s oil sector.
He said 19 products frequently-used by the oil and gas industry are now produced in the country and soon 52 catalysts which are currently imported will also be produced domestically.
Meanwhile, the government has allotted a new billion-dollar credit to insure Iranian oil tankers, a move described as a final blow to the anti-Iranian oil embargos.
The credit will go to Iran Central Insurance Company to provide insurance cover for oil tankers.
Iran is set to become the second top country in the world’s oil transportation. Currently, the country ranks fourth on the list, possessing 47 oil tankers. In light of plans to develop the oil tanker fleet, including orders for 13 new tankers, it will stand second by next year.
Iranian fleet of oil tankers is capable of annually transporting 11 million tons of oil. Its capacity will rise to 18 million tons with the completion of development plans.
In related news, South Korea’s economy minister has said it is very likely that his country would resume oil imports from Iran in the near future.
Hong Suk-woo told reporters that issue on the way of Iranian oil imports will be resolved. South Korea suspended oil imports from Iran in July after an EU oil embargo against Iran went into effect.Seoul usually buys 10 percent of its needed oil from Iran, but the amount declined to 7.4 percent in the first half of this year.