Minister: Iran Passes through Hardest Sanctions against Energy Sector

Iranian Oil Minister Rostam Qassemi underlined the country’s self-sufficiency in producing the different parts needed for its oil industry, and said Iran has passed through the hardest phase of the western sanctions on its energy sector.

Qassemi stressed that the country is not concerned about the impact of Western sanctions on the development of its oil industry.

“In recent years, with the good support from the government, suitable investments have been made in the (Iranian oil) industry,” he said on Wednesday.

The minister stated that Iran has successfully passed through the hardest phase of the Western sanctions against its energy sector.

He added that Iran has become self-sufficient in the production and manufacturing of equipment used in the oil industry, which allay concerns about this sector.

After the UN Security Council ratified a sanctions resolution against Iran on June 9, 2010, the United States and the European Union imposed further unilateral sanctions against the Islamic Republic over its nuclear program, mostly targeting the country’s energy and banking sectors.

Tehran has always dismissed West’s pressures and stressed that sanctions and embargos merely consolidate Iranians’ national resolve to continue the path of progress.

The EU measure was ratified at a ministerial meeting in January, but the 27-member bloc deferred its implementation until July 1.

Meantime, analysts believe that the EU started implementation of the sanctions against Iran at a time when it is experiencing its worst economic conditions.