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Iran signs EUR 2 billion oil deal with Spanish firm
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Monday, 07 May 2012
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Tehran Times reported that Iran has signed EUR 1.6 billion contract with a Spanish company to manufacture high tech equipment and components for its oil and gas industry.

Iran's Society of Iranian Petroleum Industries Equipment Manufacturers signed the contract with the Spanish company. The SIPIEM also signed another contract with a Chinese company to transfer technology to Iranian oil industry.

Iranian manufacturers have the potential to supply the oil industry with USD 20 billion worth of domestically made goods and equipment this year which began on March 20th 2012.

Mr Hassan Kazemi an official with the SIPIEM said that "If this happens, more than 60 percent of the equipment needed for the oil industry will be domestically procured."

Mr Rostam Qasemi oil minister of Iran said that the economic sanctions against the Islamic Republic will not be effective enough to hinder progress of the country's oil industry.

Mr Qasemi stressed the importance of making use of the great capabilities of Iranian experts. Iran has used them to nullify the impacts of Western sanctions. Sanctions against Iran's oil sector have failed and will not block the progress and development of the industry.

The US and EU have imposed financial and oil sanctions against Iran since the beginning of 2012, claiming that the country's nuclear energy program includes a military component.

Tehran refutes such allegations, noting that frequent inspections by International Atomic Energy Agency have failed to prove any diversion in Iran's nuclear energy program toward military purposes.

Source - Tehran Times

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