PH working out banana-for-oil trade with Iran

Finance Secretary Carlos Dominguez said he talked to Iranian Ambassador Mohammad Tanhaei and discussed the plan of the Philippines to purchase more petroleum products from Iran.

Likewise, Tanhaei said Iran also guaranteed to source more bananas in the country.

“The Iranian government...has expressed interest in working with the Philippines’ energy sector in the fields of oil exploration and the petroleum product trade,” Dominguez said .

This was pledged to reinforce ties with the nation after economic sanctions against it were lifted last January. 

“In the [Iranian] private sector…for example regarding bananas, there are some big companies that said we still need more bananas from the Philippines,” Tanhaei said.
Ambassador Tanhaei said that some big companies in Iran are interested in investing in the Philippines such as in 
infrastructure, power transmission, and water purification projects.

Also, Tanhaei mentioned that a deputy minister of Iran’s Finance Ministry would visit the Philippines in November and he said he will invite the head of Iran’s Central Bank to talk about issues on banking.

Source: Philstar

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