Iran’s First Vice President Ishaq Jahangiri said Saturday that his country incurred losses of nearly $ 100 billion in oil revenues due to US sanctions.

The official Iranian News Agency (IRNA) stated that Jahangiri visited Kermanshah province, to attend the opening ceremony of a petrochemical plant, and as part of his visit, he discussed some economic issues in his country.

Jahangiri called on private sector employers to invest in the petrochemical industry, referring to the importance of this sector for the country's economy, according to Anadolu Agency.

He pointed out that the Iranian economy suffered huge losses in recent years as a result of the US sanctions.

In September 2020, Iranian President Hassan Rouhani said that the total losses resulting from the sanctions imposed by the United States since 2018 amounted to $ 150 billion.

After its unilateral withdrawal from the nuclear deal in May 2018, the United States imposed economic sanctions on Iran on November 5 of the same year, aiming to stop its oil exports, and then followed it by listing Iranian banks, including the Central Bank, on the sanctions list, which caused Great damage to Tehran's international trade.

As a result of the US sanctions, many countries ended their commercial dealings with Iran and stopped purchasing oil from Tehran.

 Relieving financial pressure

Meanwhile, the administration of US President Joe Biden is looking for ways to reduce financial pressure on Iran, but without lifting economic sanctions, including those imposed on oil sales.

Today, Sunday, American media, citing sources familiar with the Biden administration's plans, revealed that this measure comes as part of a step towards reviving the 2015 nuclear deal from which the administration of former US President Donald Trump withdrew in 2018, according to the Qatar News Agency (QNA). ).

Last month, Iran inaugurated - despite the sanctions - a "Bid Blend" gas refinery in the southwestern city of Behbahan, to be the largest natural gas refinery in the Middle East, at a cost of $ 3.4 billion.

Expectations indicate that the Bid Blend refinery will achieve revenues of $ 1.5 billion annually. The Iranian Ministry of Oil has pledged to complete 17 chemical projects with an investment value of $ 11.4 billion and a production capacity of 25 million tons by the next Iranian year (starting on March 21, 2021). ).