Downplays effects of sanctions on Iranian oil

The Iranian engineers have hit a new world record in building gas refineries despite tough US and European Union sanctions imposed on Iran's energy sector, Qassemi said on Tuesday. "The record shows 62 percent physical progress [in building a gas refinery] in 20 months, which has been achieved under conditions of [international] sanctions," he added. The minister stated that the new record has been registered by Iranian specialists working in the South Pars region. "Achieving the new world record in building a refinery has been a great honor which was made possible through technical planning and integrated management," he said. Qassemi noted that the previous best world record was 52 months and was achieved by foreign companies which faced no problems in terms of financial resources and equipment. "Despite problems caused by [international] sanctions for procurement of certain parts and equipment, domestic specialists broke the world record for building a gas refinery in the South Pars (region)," he added. Iran, which sits on the world's second largest reserves of both oil and gas, is facing US sanctions over its civilian nuclear program. Iranian officials have dismissed US sanctions as inefficient, saying that they are finding Asian partners instead. Several Chinese and other Asian firms are negotiating or signing up to oil and gas deals.