BAKU, Azerbaijan, December 28. The funds Iran receives from crude oil sales return to the country through accounts controlled by the Central Bank, Iranian Oil Minister Mohsen Paknejad told local media, Trend reports.
According to him, Iran's crude oil sales consist of two parts. The first is marketing, negotiation, and implementation of the sales operation. This part is fully under the responsibility of the Ministry of Oil, and the necessary steps are taken by the ministry.
Paknejad said that the second is the return of the money from the sold oil to the country. This money is paid into accounts approved by the Central Bank.
The Iranian minister said that the Oil Ministry does not interfere in banking matters and does not have the ability to investigate accounts, payments, and other issues related to funds. All these activities are carried out under the supervision of the Central Bank. Therefore, it is the Central Bank's responsibility to ensure that the funds for the oil sold are paid for on time. In case of any problems with payments, the Central Bank contacts the Ministry of Oil, and the Ministry of Oil takes the necessary steps regarding purchases and sales.
Iran's total hydrocarbon reserves are 1.2 trillion barrels. Iran can extract 340 billion barrels of it with its existing technologic-al equipment. Iran can use about 30 percent, and 70 percent remains unused underground.
To note, due to the imposition of sanctions, Iran does not share information about oil production and sales.