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07:15
Reported

News Brief

  7/10/2012, Tammuz 20, 5772

Iran to Establish Private Company to Export Oil


Hassan Khosrojerdi, chairman of Iran’s oil experts union, said on Monday that the Islamic Republic will establish a private company to export oil, in order to overcome the EU's embargo on the purchase of Iranian oil.

Khosrojerdi said that the first contract to export crude oil in the private sector will be signed next week. The establishment of the private group is the first sign that the sanctions are having an effect on Iran.