BAKU, Azerbaijan, January 14. Asset-managing
parties (known as trustees) are part of Iran’s oil sales process,
Iranian Oil Minister Mohsen Paknejad told reporters following a
Cabinet meeting in Tehran, Trend reports.
Paknejad noted that trustees have played a role in Iran’s oil
sales for many years.
Commenting on claims that asset managers do not bring oil
revenues back into the country, the Iranian minister stated that
trustees do, in fact, repatriate oil revenues. “When the customer
receives the oil, guarantees are provided, and all stages of the
oil sales process are carried out,” Paknejad said.
He added that timing-related issues sometimes arise, which
necessitate that banks take appropriate steps. According to
Paknejad, cooperation between banks and trustees helps accelerate
this process.
Due to the numerous sanctions imposed on Iran’s crude oil sales,
the country sells its oil on the so-called “gray market” and does
not disclose details of these transactions.
In addition, Iran’s total hydrocarbon reserves amount to 1.2
trillion barrels. With existing technology and equipment, the
country can extract about 340 billion barrels, meaning roughly 30%
of these reserves can be utilized, while around 70% remains
untapped underground.
