Iran plans to sell oil in exchange for investment and goods
Iran plans to offer oil and gas condensate to “any investor” in exchange for either goods or capital investment in the Islamic Republic’s sanctions-hit energy sector, the country’s oil minister said.
The ministry would welcome investment in both Iran’s upstream and downstream industries in exchange for oil or condensate, Javad Owji said in comments shown on state TV, without specifying whether the initiative is aimed at domestic or foreign buyers.
The plans were presented to lawmakers and are pending their approval, he said.
It’s unclear whether the plans rely on the ailing 2015 nuclear deal being restored and U.S. sanctions on Iran being lifted.
Tehran’s oil exports are effectively embargoed by Washington and sales have plummeted since 2018, when then-President Donald Trump withdrew from the accord.
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