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  • Zangeneh says Not Worried about Regaining Iran Oil Market Share

Zangeneh says Not Worried about Regaining Iran Oil Market Share

Iranian Minister of Petroleum Bijan Zangeneh said he did not worry about Iran regaining its oil market share in the wake of eased sanctions on Tehran.

Speaking on the sidelines of the 25th Iran Oil Show on Friday, the official said: "I am not worried about regaining Iran's lost oil market share, and oil buyers do not limit themselves to one or two sellers."

He also said if the sanctions are lifted, "we will return to the market stronger than before, sooner than you might think."

Also reacting to Iran's oil exports increase, he said: "Iran's oil exports have increased sharply in recent days."

Regarding the recent remarks by Abdul Nasser Hemmati, the Governor of the Central Bank of Iran, about the fact that Iran's oil exports have increased recently, Zangeneh said: "Sharply."

He added: "If the oil industry was not alive, companies in this exhibition could not do anything; when gas, refining, distribution, and petrochemical companies invest, it means they are alive and in demand for goods and services."

In response to a question about what percentage of the equipment required by the oil industry has been localized, the Minister of Petroleum said: "In order to support domestic manufacturing, the winning contractors are obliged, according to the detailed list to which the components and equipment are added, to buy only from domestic companies."

Zangeneh continued: "Of course, we still need more work in areas such as seamless pipes and rotating machines; we are self-sufficient by about 65 to 70% in the construction of gas and petrochemical refineries, and rotating equipment should also be tried to be built in domestically."

Asked about the possibility of lifting sanctions and what steps have been taken to achieve maximum production capacity in Iran, he said: "We plan and work according to the possibilities, but we do not make public announcements, because the sanctions have not been lifted yet, but I am not worried about reviving lost markets."

Zanganeh continued: "I think if the sanctions are lifted, the market will come to us, because oil buyers are always looking for variety in sellers, the market is very big; but in these three years, we have become stronger and more powerful than ever in marketing and transferring money and receiving money, and if the sanctions are lifted, we will enter the market strongly and reach maximum production in the shortest possible time."

Asked about oil export statistics, Zangeneh said: "I cannot give statistics now, because the war is not over yet."

"I have not had such talks," he said in response to a question about bartering oil for the vaccine.

Zangeneh also said in response to another question about the plans of the Ministry of Petroleum for cooperation with the Caspian Sea countries and agreement with Azerbaijan: "We have good agreements and progress with Azerbaijan and clear agreements have been reached, which were damaged by the sanctions and if the bans are lifted, they will be activated to serves the interests of both countries."

Elsewhere in the press conference, he stated drilling operations of phase 11 of South Pars have started and plans are under way to recover about 16 million cubic meters of natural gas per day from this phase by next winter.

The jacket of Farzad B Gas Field is also under construction and drilling in this gas field is likely to begin next year, he added.

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