(MENAFN) Iran is trying to work around the embargo on its crude oil exports imposed by Europe, as it agreed with some of the European refiners to sell its crude through a private consortium, Reuters reported.
The head of the oil products exporters' union Hassan Khosrojerdi said the agreement between the exporters' union, Iran's central bank, and the oil ministry would get round a European Union ban on shipping insurance for tankers carrying Iranian oil.
The EU embargo on the Iranian oil was put in vigor on July 1, as it seeks to further pressure the Islamic Republic to give up its nuclear programme.
The move will see Iran's crude sales drop over 50 percent compared to last year's regular levels, losing billions of dollars a month in revenue.
Iranian Student News Agency said that the oil ministry authorized the private export of Iranian oil.
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