Crude Exports Rise Twofold After Sanctions Removal

Crude Exports Rise Twofold  After Sanctions Removal Crude Exports Rise Twofold  After Sanctions Removal

The twofold surge in Iran's oil export indicates that oil sanctions have become a thing of the past, the government's spokesperson said.

"During the sanctions, we were allowed to export only 1 million barrels of oil per day, whereas exports have soared to more than 2 million barrels per day in the post-sanctions period," Mohammad Bagher Nobakht, who is also the head of Management and Planning Organization of Iran, said during a news conference on Tuesday.

Underscoring the fact that attraction of foreign investment in different sector implies that sanctions have been terminated, the official said, “In spite of the fact that nuclear-related sanctions against Iran have been lifted, plans have been made to expedite the implementation of the Joint Comprehensive Plan of Action [the official title of the nuclear accord].”

Pointing to the new Iran Petroleum Contract, Nobakht said, "The oil ministry has received different views regarding the new contract and as soon as the new terms are finalized based on national interests, the contract will be announced publicly."

According to the official, it has been a long time that international enterprises showed little interest in undertaking or investing in Iran's mega projects, however the final contract to generate 5,000 megawatts of electricity in southern Iran was signed last week, attracting $4.2 billion in foreign investment, which will definitely bode well for the country.

Stressing that since taking office in August 2013, the government has managed to reverse the negative economic growth rate, Nobakht said, "Although oil prices dropped drastically last year and a deep economic recession hit the country, we experienced a 2% economic growth. Moreover, helping manufacturing units to thrive tops the government's list of priorities and a greater proportion of funds have been allocated to achieve this purpose."

"The more production units flourish, the more jobs are created, the result of which would ensure economic prosperity in future," he said.

  Haven of Investment

Nobakht said Tehran and Moscow are in talks to open a credit line to embark on export and said Iran can become a haven for all international companies keen on investment in the Persian Gulf's resurging economy.

Highlighting the role of National Development Fund of Iran to grant loans to help economic institutions, Nobakht added that plans call for providing the private sector with $20 billion for promoting the country's economic climate in the current Iranian year (started March 20).

President Hassan Rouhani has recently said the top challenge facing the country is to create an economic boom and generate youth employment by striving to rebuild links with the international community.

"Creating an economic boom and jobs for the youth is the top priority of the country and the prime goal of the government," Rouhani was quoted as saying.

President Rouhani believes that the international community regards Iran as a reliable partner and despite the enemies' propaganda, the world has confidence in Iran.