Iran Terms Sanctions Good Opportunity for Reinvigoration of Domestic Capabilities

Iranian Oil Minister Rostam Qassemi dismissed the western sanctions against Iran’s oil and refining industries as ineffective, and said the embargos have created a good opportunity for bolstering the country’s capabilities in the energy sector.

“Imposition of sanctions on the country increased some costs and expenditures, but it also created a good opportunity for reorganizing and utilizing the internal capabilities of the country,” Qassemi said Saturday.

He reiterated that Iran has now started indigenization of a number of oil industry tools and equipment and the oil ministry has ordered such products to Iranian companies.

Earlier this year, a senior Iranian gas official had also said that Iran is able to produce and supply all the parts needed for its gas refineries.

Speaking to reporters in Iran’s Southern port city of Assalouyeh, Director for Coordination and Supervision of the National Iranian Gas Company (NIGC) Mehdi Jamshidi Dana said that the company has implemented several projects to maintain self-sufficiency in the production of the parts needed for its gas refineries.

He said that establishment of a data bank for spare parts and chemical materials, a data bank of the local resources of parts for gas refineries, the technical specifications of the needed spare parts and setting up of self-sufficiency committees are among the projects implemented for reaching and maintaining the self sufficiency.

Jamshidi Dana further announced that 160 projects are currently underway in the country’s gas refineries in a bid to increase production capacity and boost stability in gas production.

Iran has the world’s second-largest reserves of natural gas (15% of the world’s total).

Iran possesses roughly 10 percent of the world’s total proven petroleum reserves as well.