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Iran to pay energy projects investors in crude: Minister

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
Iranian Oil Minister Javad Owji

Iranian Oil Minister Javad Owji says the country would seek to attract investment into major petroleum projects through a barter system involving crude.

Owji said on Sunday that paying investors in oil and condensate, which is a very light from of oil, would mostly cover unfinished energy projects in the Iranian oil and gas sector.

“There are many construction projects in the country which have been left unfinished for several years and we would try to secure funds for the projects through bartering oil and condensates,” said the minister while speaking to reporters in the Iranian parliament.

He said Iran would welcome any initiative involving swap of crude for investment in both the upstream and downstream sections of the petroleum industry in the country.

The remarks come a day after Iranian government authorities said they would allow using crude for settling payments related to imports of goods, machinery and staples.

The system would allow importers to pay suppliers without any need for accessing banking services that have been targeted by US sanctions against Iran.

Owji, who was in the parliament to discuss the crude-for-goods barter proposals, said that there would be some good news around the case in the very near future.

He said the crude barter system would mostly eye countries where demand for energy consumption is expected to increase after the easing of coronavirus restrictions in the future months.

However, the minister said Iran would continue its normal sales of oil in the meantime while trying to promote swap deals to facilitate trade and to get round US sanctions that have targeted exports since 2018.

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