Oil industry can overhaul Iran economy: Academic

The Oil and Energy Think Tank plans to open a new chapter in oil, gas, petrochemical and energy fields, the academic noted.

Sadeghi Shahdani went on to say that one of the challenges of the oil industry is that Iran’s economic system has not been in harmony with the industry.

Referring to the fact that the Iranian financial sector provides the oil industry with loans, which are officially at 19% interest rate but in reality stand at 27% interest rate, he said that such an issue does not allow the oil industry to grow normally.

The economic system of the Islamic Republic should uphold constructive interaction with oil industry, because the industry is capable of developing the economic situation of the country, he argued.

Efforts to uproot poverty in the Islamic Republic require financial resources, he said, adding that the energy sector can play a key role to this end, the professor mentioned.

Underlining the need for enhancing effective connection between universities and industries, he noted that such a coordination can pave the way for playing key role in development of energy sector in the Islamic country.

The Islamic Republic of Iran holds 10% of the world’s proven oil reserves and 15% of its gas, but its energy exports have been under cruel sanctions in recent years especially following the United States’ withdrawal from the 2015 nuclear deal officially known as the Joint Comprehensive Plan of Action (JCPOA).

But lifting sanctions and revival of the JCPOA will provide Iran with the opportunity to increase its energy export in future.

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