Iran says it boosted production of oil, gas parts

Bloomberg: Iran has boosted production of spare parts used in its oil and gas industry over the past five years to 70 percent of the amount the country needs, Foreign Minister Manouchehr Mottaki said.

By Fiona MacDonald and Dahlia Kholaif

Dec. 1 (Bloomberg) — Iran has boosted production of spare parts used in its oil and gas industry over the past five years to 70 percent of the amount the country needs, Foreign Minister Manouchehr Mottaki said.

The Persian Gulf country eventually plans to meet 90 percent of demand, Mottaki said today at a news conference in Kuwait City, where he was attending a meeting of donors to Sudan.

Iran is under a fourth round of United Nations sanctions because it refuses to curtail its nuclear program, which the U.S. and European Union say may be a cover for weapons development. Sanctions are likely to hamper Iran’s ability to invest in upgrading its refineries to raise gasoline output, the International Energy Agency said Oct. 13 in a report.