Presence of so many countries at the exhibition shows that Western sanctions against Iran is really an exercise in futility.

Tehran, April 19, 2010 (Hamsayeh.Net) - An Iranian oil official says Western sanctions have had limited impacts on Tehran’s interactions with the international community.

Hojatollah Ghanemifard Deputy head of Iran’s national oil company (NIOC) told Fars News Agency today that Western powers failed to isolate Iran and its interactions with countries around the world.

 The official said this week Tehran is hosting one of the largest oil, gas, refining petrochemicals exhibition unique in many aspects. The exhibition due to be held on April 22 to 26 with leading world companies offering their latest products and services.

‘Presence of so many countries at the exhibition shows that Western sanctions against Iran is really an exercise in futility having no effect whatsoever on links with the international community,’ said Ghanemifard.

According to Ghanemifard, West's absence has provided plenty of opportunities for Chinese, Indian and Russian companies to seal long-term energy contracts with Iran. Last March, a Swiss company Elektrizitaetsgesellschaft Laufenburg signed a 25-year contract for the delivery of 5.5 billion cubic meters of gas per year. Another contract worth 100 million euro was signed with German company Steiner Prematechnik Gastec, to build equipment for three gas conversion plants in Iran.

Strategically located, the Middle Eastern country sits atop some the world’s largest hydrocarbon reserves. With its oil and gas combined Iran boasts itself as the largest holder of energy reserves in the world.