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Iran says it has enough oil for 150 years

Last Updated: Monday, December 24, 2012 - 09:58

Tehran: Iran has enough petroleum to last for 150 years, allowing it to be one of the world's main exporters of crude, Petroleum Minister Rostam Ghasemi told the Fars news agency Sunday.

"The country has petroleum reserves for about 150 years and during that time ... it can be one of the principal exporters of hydrocarbon resources," Ghasemi said.

"Iran has reserves of nearly 600 billion barrels of petroleum," Ghasemi said.

The Iranian petroleum industry is now able to produce enough equipment to meet domestic needs, the minister said.

Iran is the subject of UN sanctions over its nuclear program, which some countries, led by the US, suspect is aimed at producing weapons.

Tehran denies it plans to produce nuclear weapons and says its goals are purely civilian and peaceful.


First Published: Monday, December 24, 2012 - 09:58
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