DUBAI, United Arab Emirates, Jan. 28 (UPI) -- An energy company in Dubai said it was working on final details of contracts with oil and natural gas producers in the region as it moves away from Iran.
The Dubai government-owned Emirates National Oil Co. said it was looking to parties outside Iran to supply its refinery because of a shortage of petroleum products and economic sanctions on Tehran.
ENOC said it was finalizing contracts with rival producers to meet increasing domestic demands from the energy sector.
"This will further strengthen the volume of condensates that the company is planning to import from markets in the Middle East and Far East," the company said.
It added that it was importing some products from nearby Qatar to meet domestic market demands.
U.S. and European governments have tightened sanctions on the Iranian energy sector in response to the country's controversial nuclear program, which Tehran says is for peaceful purposes.
ENOC had used Iranian petroleum products to feed its 120,000-barrel-per-day refinery in Jebel Ali.
Iran's consumer base has dwindled as a result of economic pressure. Iranian President Mahmoud Ahmadinejad said recently the country needs to look beyond petrodollars given the state of the national economy.
The Iranian rial collapsed last year in part because of sanctions pressure.