TEHRAN (Tasnim) – CEO of Thermal Power Plants Holding Company (TPPH) of Iran, Mohsen Tarztalab has said a barter system that allows the companies, investors and contractors to carry out projects in Iran in exchange for oil will take effect in coming days.
Tarztalab said a business contract will be signed within the next days, under which a contractor will receive Iranian crude oil in exchange for funding a project to renovate Tehran’s refinery.
The contract is worth 500 million euros, the official noted.
"The TPPH decided to go for the option of signing barter deals after the sanctions prevented Japan from financing the renovation of Tehran’s refinery,” Tarztalab said.
In May, Iranian Vice-President Eshaq Jahangiri said the administration has left the door open for bartering oil for essential commodities or civil engineering projects inside the country.
"The private sector can assist with the country’s export of oil, and the administration would also provide the necessary facilities and allow for any kind of cooperation with the private sector in this field,” the vice president added.