Sanctions fight requires oil shift: Iran President

Last Updated: Wednesday, January 16, 2013 - 23:43

Tehran: Iran`s President says the country must move away from dependence on oil revenue to overcome Western sanctions that have slowed the economy and disrupted foreign trade.

Mahmoud Ahmadinejad says that "structural changes" are needed in Iran`s economy to counter sanctions that have targeted crude oil exports. Iran has long depended on oil revenue for about 80 per cent of its foreign currency revenue.
The Iranian President made the remarks in an address to parliament today.
Ahmadinejad and other officials have appealed to broader Iran`s export base and shift more toward refined petroleum products.

Iran is under tightening sanctions on its oil and banking sectors for its refusal to halt uranium enrichment. The US and its allies fear Iran may ultimately develop nuclear weapon. Tehran denies the charge.

PTI



First Published: Wednesday, January 16, 2013 - 23:43
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