Iranian petroleum minister predicts increase in fuel prices

Iranian Petroleum Minister Rostam Qasemi said that the country is planning to play a major role in international energy security and become a large gasoline exporter, RIA Novosti reports.

The minister says that unilateral sanctions against Iran would only provoke an increase in petroleum prices.

Qasemi noted that Iran can produce 54 million tons of petrochemicals annually. The country is building 70 factories, 20 of which will be launched before March 2013. Tehran plans to produce 120 million tons of petrochemicals annually before 2017.

The petroleum minister said that Iran was planning to receive $14 billion in 2012. The Iranian Central Bank has enough currency reserves, the minister noted.

He added that Iran is interested in cooperation with Russian petroleum companies, although no joint projects have been initiated yet.