Iran plans to sell crude at the domestic energy exchange, President Hassan Rouhani announced on Tuesday, saying the scheme will be an “important step” toward offsetting US oil embargo on the country.
Rouhani said “the general outline” of the plan has been approved by the Supreme Economic Coordination Council on Monday which was chaired by the president himself and attended by the Judiciary chief and the Parliament speaker, IRNA reported.
He hoped that the government will be able to implement the plan after the final approval.
“The domestic sale of oil and at the energy exchange is… an effective measure to regulate the capital and stock markets and is an important step in countering the oil embargo,” Rouhani said.
The president added that his government has drawn up a “roadmap” for the next year to “protect the economy” and “counter the enemy’s economic war”.
“This roadmap will picture a bright horizon for the country for the next year by creating convergence and coordination among all economic sectors,” he said.
Under the plan, 220 million barrels of oil will be pre-sold through bonds during a one-year time, media reports said.
If the government succeeds in selling the entire estimated volume, about 1,900,000 billion rials will be financed, considering the current price of the dollar and the price of Iran's heavy oil.
The United States imposed sanctions on Iran’s oil industry, among other sectors, after leaving a 2015 nuclear deal between the Islamic Republic and world powers.