Iran's parliament prepares package against sanctions

The Iranian parliament's Energy commission prepared a special economic package for tackling the sanctions imposed on the Islamic Republic, Mehr reported.

Deputy head of the Energy Commission Ali Marvi said the package with 7-8 paragraphs has yet to be approved by the parliament.

The official revealed the three important paragraphs of the package, which are local insurance companies, top Iranian official being responsible for the sell of oil, and the rent of oil tankers from other countries.

"Local insurance companies will be insuring the oil tankers," Marvi said. "The heads of these insurance companies will cooperate closely with the Energy Commission".

Speaking about the second paragraph, Marvi said the package includes a point which allows top Iranian official, namely the president, to be responsible for selling and transferring oil both inside and outside the country.

Third paragraph within the package includes deals with other countries regarding the rent of oil tankers for oil transportation.

Marvi admitted that while some countries denied Iran from renting their tankers, other countries expressed interest in the idea, and will allow Iran to rent their tankers for oil transportation.

The European Union's oil embargo on Iran took effect on July 1 and a new U.S. law that penalizes countries that do business with the Central Bank of Iran by denying their banks access to the United States market. The law came into force on June 28.

Last year, Iranian crude exports were running at about 2-2.2 million bpd with total production, including domestic consumption, at 3.5-3.6 million.


/Trend/