TEHRAN – Iranian Oil Minister Javad Oji has said the ministry is taking the necessary measures for bartering crude oil and gas condensate with raw materials, equipment or investment to complete the oil industry’s semi-finished projects.

Speaking at a meeting of the parliament’s Industry and Mining Committee on Sunday, Oji noted that considering domestic potentials and identified foreign trade partners, good news is on the way in the field of oil and commodity barter trading.

“As the world's energy demand grows by six to seven percent and the coronavirus is under control, the world's energy needs are expected to increase,” he said.

He noted that the ministry is also considering bartering crude oil and condensate for investment in projects.

There are many construction projects in the country that have been left unfinished for several years, and we are trying to finance the projects using oil and condensate barter trade, Oji added.

Back in September, Oji had said his ministry was making necessary arrangements and planning for attracting $125 billion of foreign and domestic investment in the country’s oil industry within the next four to eight years.

EF/MA