Victory
18-07-08, 20:22
US Report: Iran sanctions not working
Fri, 18 Jul 2008 14:29:19
US economic sanctions against Iran designed to force Tehran to stop nuclear enrichment have failed to cripple the Iranian energy sector.
The Wall Street Journal reported on Friday that a recent US congressional report has said the Iranian oil and gas sector's vulnerability to sanctions is "debatable".
Iran's total oil income in the first half of 2008 was $54 billion, only $3 billion shy of its oil income for all of 2007.
Iranian Deputy Oil Minister for Planning, Akbar Torkan, recently said that Iran plans to invest $16 billion in its energy sector for the current Iranian year (ending March 20, 2009), an amount greater than the average investment of $12 billion invested over the past three years.
"We are using our domestic capacity instead of foreign funds, which today are not so available to us," Torkan said.
Iranian officials point out that the US-led sanctions have had considerable costs to Iran but that they have not been able to cripple the country's energy sector.
Najaf Pezeshkian, an adviser at the Iranian Offshore Engineering & Construction Co., an oil-services firm in Tehran, estimates that sanctions have increased the company's costs by as much as 30 percent, for example.
Some observers say American companies banned to operate in Iran by the US administration may end up being the biggest losers as the result of sanctions against Iran.
Several European oil companies recently announced they will not invest in new projects in Iranian oil and gas industries because the political risk may be high.
Russian and Asian oil giants however have expressed eagerness to fill the gap created by American and European firms.
http://www.presstv.com/detail.aspx?id=64064§ionid=351020102
Fri, 18 Jul 2008 14:29:19
US economic sanctions against Iran designed to force Tehran to stop nuclear enrichment have failed to cripple the Iranian energy sector.
The Wall Street Journal reported on Friday that a recent US congressional report has said the Iranian oil and gas sector's vulnerability to sanctions is "debatable".
Iran's total oil income in the first half of 2008 was $54 billion, only $3 billion shy of its oil income for all of 2007.
Iranian Deputy Oil Minister for Planning, Akbar Torkan, recently said that Iran plans to invest $16 billion in its energy sector for the current Iranian year (ending March 20, 2009), an amount greater than the average investment of $12 billion invested over the past three years.
"We are using our domestic capacity instead of foreign funds, which today are not so available to us," Torkan said.
Iranian officials point out that the US-led sanctions have had considerable costs to Iran but that they have not been able to cripple the country's energy sector.
Najaf Pezeshkian, an adviser at the Iranian Offshore Engineering & Construction Co., an oil-services firm in Tehran, estimates that sanctions have increased the company's costs by as much as 30 percent, for example.
Some observers say American companies banned to operate in Iran by the US administration may end up being the biggest losers as the result of sanctions against Iran.
Several European oil companies recently announced they will not invest in new projects in Iranian oil and gas industries because the political risk may be high.
Russian and Asian oil giants however have expressed eagerness to fill the gap created by American and European firms.
http://www.presstv.com/detail.aspx?id=64064§ionid=351020102