Iran says it will go green as oil sanctions tighten

By REUTERS
February 8, 2012 14:05

 
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DUBAI - Iran should invest in renewable energy to preserve its hydrocarbon reserves, Iranian energy minister Rostam Qasemi said on Wednesday, as tightening sanctions make it increasingly difficult for Tehran to sell oil.

With Iran's biggest buyers cutting imports of its crude and looking for other suppliers, Tehran says the time is right for the world's fifth largest oil producer and the second biggest gas holder to go green.

Iran's renewable sector is tiny, as in much of the Middle East where investments have been focused on building energy-hungry industry fueled by cheap oil and gas.

Iran's pressing need to reduce its own gas and oil use has also been the driving force for building the country's first nuclear power plant so that it can export more fuel.

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