Development of the West Karoun oilfields and the South Pars gas field are high on the agenda of the National Iranian Oil Company to help counter the new US sanctions, the newly appointed managing director of the National Iranian Oil Company said Monday.
Masoud Karbasian said collection of associated gases, reconstruction and modernization of oil facilities and export terminals, construction of oil pipelines as well as oil storage inventories are other priorities of the company with him at the helm, the oil ministry's news service Shana reported.
Oil Minister Bijan Namdar Zanganeh appointed Karbasian, former economy minister, on Sunday to head the NIOC at a critical juncture following the re-sanctioning on Nov. 5 of the Iranian oil sector, namely crude exports.
Karbasian previously served as deputy oil minister for commercial affairs in the late 1990s and has vowed to "use four decades of experience...to help overcome the sanctions crisis."
He said, “Expanding R&D, using domestic contractors and supporting local producers are among the priorities.”
The US slapped new restrictions on Iran after deciding in May to abandon a landmark multi-lateral deal signed in 2015 over Iran’s nuclear program that culminated in UN and western sanctions relief.
Temporary exemptions have been granted by the US administration to eight key customers of Iran's oil. But Iran is searching for alternative ways to keep oil flowing as Washington remains hostile and more than ever determined to bring the oil exports to zero.
NIOC produces the bulk of Iran's crude and petroleum liquids. Ahead of the recent US restrictions, Iran's oil and condensate exports fell in October to around 1.77 million barrel per day, compared to 1.95 million b/d in September.
Karbasian said the Oil Ministry has laid down policies related to the unjust US sanctions. "By adopting these policies the undesirable impact of the sanctions could be reduced,” he said without elaboration.
