Iran to review oil contracts in event of UN sanctions - minister

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Iran will review oil contracts with other countries if the UN Security Council imposes sanctions, the country's oil minister said Tuesday.

TEHRAN, March 14 (RIA Novosti) - Iran will review oil contracts with other countries if the UN Security Council imposes sanctions, the country's oil minister said Tuesday.

Kazem Vaziri-Hamaneh said Tehran could make the move if sanctions were imposed over the country's controversial nuclear program.

He also said talks with Japan on Japanese companies' involvement in developing the Azadegan oil fields in southern Iran were continuing, and dismissed the possibility of the contract being transferred to another country, such as China.

"Japan has not rejected the contract to develop the Azadegan oil fields, so we have no basis for signing contracts with another country," he said.

Japan's Chief Cabinet Secretary had previously said that Japan would not enforce sanctions against Iran, but would push for Tehran to find a diplomatic solution to the international standoff surrounding its nuclear program.

Japan is one of the main importers of Iranian oil, buying around 550,000 barrels per day. Japanese firm Inpex intends to take part in the development of the Azadegan oil fields despite opposition from the U.S. government.

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