Iranian official: Sanctions make Iran oil sector 85% self-sufficient by 2015

TEHRAN,April 18(MNA) - Sanctions against Iran’s oil industry would pave the way for it to become self-sufficient by 85 percent before 2015, the first vice-president stated. Mohammad-Reza Rahimi added that during the fifth five-year development plan (2010-2015) some $85 billion should be invested in the oil sector. Oil Minister Rostam Qasemi has said the country is approaching “total self-sufficiency” in the production of equipment required in the country's oil industry. “Much of the equipment needed for oil industry is being produced by domestic manufacturers,” he added, Press TV reported. Iranian manufacturers will supply oil industry with $10 billion worth of domestically-made goods and equipment in the current calendar year, which began on March 20, the head of the association of oil industry equipment manufacturers said. “The West has imposed sanctions on the country’s oil industry, thinking that they can restrict Iran’s economic activities,” Sirous Talari added, Pana news agency reported. Meanwhile, Hassan Kazemi, who is a member of the board of directors of the association of oil industry equipment manufacturers, said on Friday that the supply of goods may increase to $20 billion in the current year. “If this happens, more than 60 percent of the equipment needed for the oil industry will be domestically procured,” he noted. Oil Minister Rostam Qasemi has said that the global economic sanctions against the Islamic Republic will not be effective to hinder the country’s oil industry progress. Qasemi stressed the importance of making use of ‘the great capabilities’ of Iranian experts, saying the country has thus nullified the impacts of Western sanctions on its oil sector. “Sanctions against Iran's oil sector have failed and will not block the progress and development of the industry,” Qasemi said.