Wednesday Feb 21, 2018

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JCPOA lent Impetus to Oil Talks: Official

(Tuesday, January 16, 2018) 16:43

TEHRAN, Jan. 16 (ُShana) – A senior Iranian energy official says implementation of the Joint Comprehensive Plan of Action (JCPOA) accelerated Iran's oil talks with foreign companies.

Speaking on the occasion of the second anniversary of implementation of the landmark deal Iran clinched with the P5+1 group of countries, Amir Hossein Zamaninia, the deputy Minister of Petroleum for International Affairs and Trading, said JCPOA's internal solidarity and balance of interests are one of the reasons for prolonging the suspension of nuclear sanctions by US President Donald Trump on Iran.

"Negotiations with foreign companies to join Iran's oil industry have accelerated [thanks to the JCPOA]," the official said.

He said: "The openings in the oil industry created thanks to JCPOA have allowed us to tap all our potentialities for development, production and export of crude oil and gas, and there are no barriers to this."

Iran exported an average of 2.559 mn barrels of crude oil per day in the third quarter of the current Iranian calendar year which began on March 21, Zamaninia added.

Prior to JCPOA implementation on January 16 2016, Iran could export nearly a million b/d of crude oil which increased some 2.5 times in a matter of a few months and has stayed steady since then.

Import of key items and equipment used in the sector has been much easier for Iran since January 2016 and the country has also signed a deal with an Italian company to manufacture CRA pipes which are regarded as strategic items in oil industry.

Moreover, after JCPOA implementation, the National Iranian Tanker Company renewed its membership in the Oil Companies International Marine Forum (OCIMF).

The company has also been able to rejoin the IGA member clubs for resumption of the operation of its fleet in European markets.

Donald Trump has waived some sanctions against Iran as required under a 2015 nuclear agreement, staying within the deal for the time being.

With his announcement, Trump in effect began a four-month countdown until the US ceases to comply with its obligations under the agreement.

The next sanctions waivers fall due on 12 May.