Mismanagement by the previous government plus the international economic sanctions incapacitated the key oil industry, Oil Minister Bijan Namdar Zanganeh said, stressing that Tehran has made concerted efforts to recuperate the oil and gas sectors over the last four years.

After the easing of international sanctions and gradual normalization of trade ties with foreign firms, most of the equipment and machinery for the oil sector, held overseas, was released and delivered in Asalouyeh, Bushehr Province

Iran shipped 780 million barrels of crude oil from Kharg Oil Terminal during the previous calendar year to March 20, up by 80% from the previous year, a senior oil terminals official said.

In related news, Pirouz Mousavi, managing director of the Iranian Oil Terminals Company (IOTC) hailed the positive effect of the landmark nuclear deal on key oil sector.

Mousavi said that Iran’s Research Institute of Petroleum Industry (RIPI) was studying a project to delivered blended oil of various API gravity. He said that Iran owes 70 per cent of its revenue to IOTC terminals