Iran says it will make oil embargo ineffective

[July 14, 2012]  TEHRAN, Iran (AP) -- Iran's Oil Minister says his office has drawn up plans to make newly tightened sanctions against the Islamic Republic ineffective.

Rostam Qasemi says his ministry is at the forefront of an economic battle with the West. His remarks carried by ministry website shana.ir on Saturday did not elaborate on the plans.

Qasemi's comments come two weeks after an EU oil embargo went into effect against Iran for its refusal to halt its uranium enrichment program.

The West says the enrichment is aimed at developing weapons technology. Iran denies those allegations.

Iranian officials have earlier said they are organizing a consortium of private companies to bypass the embargo, without specifying exactly how this will work. Iran says it can always find buyers for oil.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.