Iran wants share in global crude oil market

GMT 05:41 2015 Thursday ,07 May

Arab Today, arab today Iran wants share in global crude oil market

Crude oil market
Tehran - XINHUA

Iran's oil minister pledged to regain the country's share in world crude market, as Iran opened its international oil exhibition in the capital of Tehran on Wednesday to attract investment in its energy sector.

"Oil producing countries should open space in the global market for Iran to regain its share of the crude oil exports," Iran's Oil Minister Bijan Zangeneh said Wednesday on the sidelines of the exhibition.

The world oil market is for all and the crude producing countries should consider Iran's entry into the market since Iran's oil exports have dropped by 60 percent because of "unfair sanctions," he added.

Iran is determined to increase its oil output once sanctions were lifted as a result of a much anticipated potential deal that Iran and world powers are striving to reach, Iran's First Vice President Es'haq Jahangiri also said Wednesday on the sidelines of the exhibition.

In addition, Iran will become a gasoline exporter after its Persian Gulf Star Refinery starts production, Jahangiri was quoted as saying by Press TV.

According to Press TV, Iran is building the Persian Gulf Star Refinery in Assalouyeh at an estimated cost of 2.5 billion euros (2.84 billion U.S. dollars). The plant is expected to produce 360,000 barrels per day of gas condensates on top of jet fuel and other products.

Hundreds of energy companies from 29 countries, including Iranian firms, have participated in the 20th International Oil, Gas, Refining and Petrochemical Exhibition, according to organizers.

Iran's economy relies partially on oil exports. In addition to the losses due to declining oil prices, Iran's crude exports have fallen 60 percent over the past years, reaching one million barrels per day, due to Western sanctions on its energy and financial sectors.

Iran has criticized a few oil exporting countries for flooding the market with crude products.

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