Iran has plans which it will implement to prevent a decline in oil exports as a result of US sanctions, Oil Minister Bijan Zangeneh said yesterday.

Describing Iranian-European cooperation “important, especially with regard to the sale of oil, insurance and navigation and receiving money from Iran’s oil exports”, he added that “Iran exports less than a third of its oil to Europe”.

Cooperation with Europe is important for Iran “because it will lead to other countries following it”, he said.

The minister said the Islamic Republic has given French company Total two months to negotiate with the United States over sanctions exemption, otherwise it will be replaced by  the China National Petroleum Corporation (CNPC). However, the minister ruled out the possibility that Washington will grant the French company the exemption.

Earlier this month, the US withdrew from the Iran nuclear deal and said it would impose sanctions on Tehran within 90 to 180 days.

 

Source : www.middleeastmonitor.com