Iran Signs €1.6b Oil Deal with Spanish Firm

Source: www.gulfoilandgas.com 5/5/2012, Location: Asia

Irans Society of Iranian Petroleum Industries Equipment Manufacturers (SIPIEM) signed the contract with the Spanish company, the Mehr News Agency reported.

The SIPIEM also signed another contract with a Chinese company to transfer technology to Iranian oil industry, the report added.

Iranian manufacturers have the potential to supply the oil industry with $20 billion worth of domestically-made goods and equipment this year, which began on March 20, an official with the SIPIEM said on April 14.

“If this happens, more than 60 percent of the equipment needed for the oil industry will be domestically procured,” Hassan Kazemi noted.

Oil Minister Rostam Qasemi has said that the economic sanctions against the Islamic Republic will not be effective enough to hinder progress of the country’s oil industry.

Qasemi stressed the importance of making use of “the great capabilities” of Iranian experts, adding that Iran has used them to nullify the impacts of Western sanctions.

“Sanctions against Iran’s oil sector have failed and will not block the progress and development of the industry,” Qasemi said on Monday, Press TV reported.

The U.S. and EU have imposed financial and oil sanctions against Iran since the beginning of 2012, claiming that the country’s nuclear energy program includes a military component.

Tehran refutes such allegations, noting that frequent inspections by International Atomic Energy Agency have failed to prove any diversion in Irans nuclear energy program toward military purposes.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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