Iran will exchange oil to finance oil projects

Iran plans to exchange crude oil with other raw materials, equipment and investments in order to use the proceeds to complete oil projects that are partially completed, according to a statement from Iranian Oil Minister Javad Oji, reported by Tehran Times.

During a meeting with the Industry and Mining Committee of the Iranian parliament, Oji said that, considering the domestic potentials and identified foreign trading partners, he expects positive developments for the barter of oil and raw materials.

“As global energy demand grows by six to seven percent and the coronavirus is under control, the world’s energy needs are expected to increase,” Oji said in the report.

He added that there are many projects still in progress that have not been completed for several years, noting that the oil and condensate exchange should help finalize them.

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