Iran to prevent oil exports fall: Petroleum Min

Zangeneh made the remarks Wednesday on the sidelines of government committee meeting.

Referring to cooperation with Europeans, he said it is important for selling oil, insurance, shipping and receiving money.

Thanks to the fact that less than 1/3 of Iran oil is exported to Europe, but working with Europe is of importance for Iran, he added.

Pointing to French company ‘Total’ aim to withdraw which will last 60 days, he said Total will likely not be able to get permission from US due to 10 days delay.

If Total leaves, Chinese firm will be replaced, Zangeneh said.

Commenting on buying Iran oil by China and India, he said, ‘We have held talks with both sides and received positive feedback.’

Elaborating on oil money transfer, he said, ‘We had adopted a mechanism with China in the past.’

A bank is needed for money transfer with Europeans, he added.