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Iran says too early to call OPEC's Dec. meet



By Simon Webb
16 November 2007 @ 08:04 am ET

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For nearly two years, the world's fourth-biggest oil exporter has been cutting its exposure to the dollar, saying the weak U.S. currency is eroding its purchasing power.

Nozari also said that nine companies had been selected for oil and gas exploration blocks in the latest round, including international companies and joint ventures with Iranian firms, and that some of them have already been awarded contracts.

Washington is piling pressure on Western oil firms to stay out of Iran and is pushing on with a third U.N. sanctions resolution against Tehran for its refusal to give up uranium enrichment, which the West says is for building atomic arms, but Iran insists is for power generation.

Nozari also said that Iran was in the final stages of negotiations on the Yadavaran oilfield, which potentially holds 3 billion barrels of oil, but he did not say when it would be completed.

Sinopec Group, parent of Sinopec Corp (0386.HK: Quote, Profile, Research)(600028.SS: Quote, Profile, Research), inked a preliminary pact with NIOC to develop the Yadavaran field three years ago, but has been unable to start work as commercial negotiations drag on.

(Writing by Ramthan Hussain, Editing by Jonathan Leff)

Copyright 2009 Thomson Reuters. All rights reserved.

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