Iran is planning to barter crude oil with other raw materials, equipment and investments in order to use the revenue to finalize petroleum projects that are partially complete, according to a statement from Iranian Minister of Oil Javad Oji reported by Tehran Times.

During a meeting with the Iranian parliament’s Industry and Mining Committee, Oji said that considering domestic potentials and identified foreign trade partners, he expects positive developments for oil and commodity barter trading.

“As the world’s energy demand grows by six to seven percent and the coronavirus is under control, the world’s energy needs are expected to increase,” Oji said in the report.

He added that there are many projects still in progress and have not been completed for several years, pointing out that oil and condensate exchange should help finalize them.