Iran says sanctions not deterring foreign oil firms

Sanctions are not hampering Iran's oil industry or deterring foreign firms from investing in it, the country's oil minister said on Wednesday.

Iran says sanctions not deterring foreign oil firms
"Sanctions and threats are old, dull and ineffective instruments for Iran's oil industry," Oil Minister Gholamhossein Nozari told an energy conference in Tehran.

"Foreign companies are still coming to invest in Iran."

Iran regularly dismisses the impact of sanctions on its economy. Analysts say the measures are pushing up the cost of doing business in Iran but also say the world's fourth largest oil producer has windfall oil earnings to cushion the impact.

Nozari said the presence of many Iranian and foreign energy firms showed "the slogans of global arrogance have no place in Iran's oil industry and the oil industry has no worries about meeting its development and management goals."

Iran often refers to the United States as "global arrogance."

Last Mod: 16 Nisan 2008, 14:32
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