Iranian oil sector moves towards nationalization

Sep 30, 2005 02:00 AM

Caretaker petroleum minister Kazem Vaziri-Hamaneh says the portfolio is determined to nationalize oil activities.
“Nationalization of oil industries tops our priority in the future in the light of investments predicted for this sector,” he told a seminar. “Investments made in the oil sector will serve other sectors and therefore investment in this sector means investment in the country,” he said.

Vaziri-Hamaneh noted that the oil sector has been influential in all periods.
“Our petrochemical output stood at 800,000 tons during the war with Iraq but now the figure has reached 10.5 mm tons. The country’s crude production has reached four mm bpd.”

Source: PIN
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