Iran to revise oil policy if required

Iran's Oil Minister Kazem Vaziri-Hamaneh said today that Iran will revise oil contracts it has entered into with other states if called for by the circumstance.

Vaziri-Hamaneh remarks were made as he talked to reporters, who asked for his comments on the possibility of sanctions being imposed on Iran.

"Iranian officials should recognize this necessity," the minister said.

Turning to the proposed Iran-Pakistan-India (IPI) peace pipeline, he said "negotiations are currently underway in Tehran on the project." He said protection of Iran's reserves should be the main priority of Iran's Oil Ministry.

In response to a question on a deal alleged to have been forged with Japan on development of Azadegan oil field and the possibility of ceding it to China, he said: "We are currently negotiating with the Japanese side in this regard. The Japanese side has not withdrawn from the deal for us to sign one with another country."