Iranian Oil Minister: Iran could reconsider crude oil policies

Iranian Oil Minister Rostam Qasemi says Iran could reconsider its crude oil and gas condensate policies.

Qasemi made the remarks in an interview with the Oil Ministry’s official news agency on Monday.
The Iranian oil minister told SHANA “The Islamic Republic of Iran could reconsider its crude oil and gas condensate policies through acquiring the technical expertise to build oil refineries and for the production of goods with a high added value.”
Qasemi also commented on the Iranian Oil Ministry’s plan to raise the country’s oil refining capacity to 3.5 million barrels per day, saying, “This refining capacity will be achieved through upgrading… refineries and building new refineries, as well as building small refineries.”
He noted that oil industry experts have attained the expertise necessary to build refineries, and Iran can not only refine its own crude oil but can also become a major oil exporter in the near future.
Iran’s crude oil is subject to a European Union embargo that started on July 1, 2012, which also bars EU insurance firms from covering Iran’s exports.
With 137.6 billion barrels of proven reserves, Iran has the world’s fourth largest oil reserves, and the second largest gas reserves, estimated at 29.61 trillion cubic meters.