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EU Refiners Are the Main Losers of Iranian New Sanctions

Source: Shana 1/25/2012, Location: Asia

Iranian ministry of petroleum’s spokesman says European countries and refiners will be the main losers of a hasty decision made by EU on imposing new sanctions against Iran’s oil.

Referring to the latest sanctions imposed by EU, Alireza Nikzad said the first phase of EU sanctions is a kind of propaganda and the second phase is executive adding EU has taken into account a six month grace period to examine the oil market situation.

Iranian ministry of petroleum’s spokesman said: Even in the first phase European countries are the main losers because rising oil prices will affect European citizens negatively so they should be careful not to be deceived by the United States and European leaders.

‘Iran’s oil has its own customers because of its special specifications so there are many customers for our oil even though we have picked our customers by putting spotlight on world oil market,’ the official noted.

He went on to say that Iran’s oil exports would be continued without any problem while European refiners will suffer more and more because they are losing a reliable source of providing oil and they will be faced with many problems to find crude oil grades compatible with their refineries.

According to the official, new EU sanctions won’t interrupt Iran’s oil sale because Islamic Republic of Iran sells 82 percent of its oil to other countries and export just 18 percent of it to Europe.

‘Other side of the coin of oil embargo is rising oil prices which Iran will benefit it because by hiking prices our oil revenue will go up’, Nikzad noted.

Alluding to the side effects of the EU decision, the official said that emerging economies including India, China and Brazil would also face difficulties because of the impact of rising world inflation on their economy.

He expressed hope European countries act rationally during the six-month grace period and choose a correct way to deal with the issue.

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