A Halt to Oil export Would Increase Prices
Tehran, Dec. 02, 09 (Hamsayeh.Net) - Tehran warns Western powers that it would reciprocate by stopping crude oil exports if they go ahead with imposing more economic sanctions against Iran.
‘Iran is one of the world's major oil producers and any cut in Iran's supply of crude will, undoubtedly, cause prices to surge,"" Mirkazemi said at a press conference.
According to Mehr News, the minister of oil outlined annual investments in the country’s oil sector to top 32 billion euros in the next five years from foreign and domestic sources. Also Iran’s vast oil and gas sectors attracted nearly 9 billion euros investments from foreign sources every year in the past four years.
Iran is world’s largest holder of hydrocarbon reserves with all its oil and gas resources combined. It is the world’s fifth largest crude exporter to international markets. The country offers enormous potential for expansion and development of energy resources in the future.
In recent years due to Asian economic expansion, companies from the old continent including from China and India have become very active players in Iranian energy sectors.
Last week Iran signed a 4 billion euros contract with a Chinese company (Sinopec) to up-grade the country’s petrochemical units and outputs.
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