Zangeneh Says U.S. Sanctions Failing
Petropars Signs $440 Million Gas Deal
TEHRAN (Dispatches) -- Iran signed a $440 million contract on Saturday with local company Petropars to develop the Belal gas field in the Persian Gulf, with Minister of Petroleum Bijan Zangeneh reiterating that the country's vital energy sector is active despite U.S. sanctions.
"This contract and other upcoming contracts show that we are working under the sanctions. The sanctions have not stopped us and we are active," Zangeneh said at the signing ceremony.
Under the deal signed with a subsidiary of the state-run National Iranian Oil Company (NIOC), Petropars is to produce 500 million cubic feet per day of gas.
Belal, a field shared with Qatar, straddles the maritime boundary between Iran and Qatar in the Persian Gulf.
U.S. President Donald Trump pulled out of Iran's 2015 nuclear deal with world powers last year and reimposed sanctions with a pledge to bring the country’s oil exports down to zero.
Zangeneh said, "We don’t want to boast, but the United States cannot stop Iranian oil exports.”
"Despite U.S. sanctions, the train of the oil industry development has not stopped and the performance of the Ministry of Petroleum is a prime example of the resistance economy."
The resistance economy is a concept originally proposed by Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei to promote economic self-reliance and insulate Iran’s economy from external pressures, especially the U.S.
"Sanctions have not stopped us; we are alive; we are active and are making efforts for the sake of Iran's oil industry," Zangeneh said.
The pace of progress in the petroleum, gas, refinement and petrochemical industries in Iran has accelerated so much that new contracts and projects are to be unveiled every two weeks, the minister said.
"From now on, once every two weeks, we will have a new inauguration or the signing of a new contract, which shows that not only have the sanctions failed to halt Iran’s industrial progress, but our pace of development of the oil, gas, refining and petrochemical (industries) has also accelerated.”
The minister also said all platforms in 27 standard phases of the giant South Pars gas field will be operational by March 2020 and all refineries, except for Phase 11, will come on stream by the time.
According to Zangeneh, Iran is set for the second leap in petrochemical production which will rise to above 100 million tonnes a year. The third leap, he said, will see this capacity surpass 150 million tonnes.
"This contract and other upcoming contracts show that we are working under the sanctions. The sanctions have not stopped us and we are active," Zangeneh said at the signing ceremony.
Under the deal signed with a subsidiary of the state-run National Iranian Oil Company (NIOC), Petropars is to produce 500 million cubic feet per day of gas.
Belal, a field shared with Qatar, straddles the maritime boundary between Iran and Qatar in the Persian Gulf.
U.S. President Donald Trump pulled out of Iran's 2015 nuclear deal with world powers last year and reimposed sanctions with a pledge to bring the country’s oil exports down to zero.
Zangeneh said, "We don’t want to boast, but the United States cannot stop Iranian oil exports.”
"Despite U.S. sanctions, the train of the oil industry development has not stopped and the performance of the Ministry of Petroleum is a prime example of the resistance economy."
The resistance economy is a concept originally proposed by Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei to promote economic self-reliance and insulate Iran’s economy from external pressures, especially the U.S.
"Sanctions have not stopped us; we are alive; we are active and are making efforts for the sake of Iran's oil industry," Zangeneh said.
The pace of progress in the petroleum, gas, refinement and petrochemical industries in Iran has accelerated so much that new contracts and projects are to be unveiled every two weeks, the minister said.
"From now on, once every two weeks, we will have a new inauguration or the signing of a new contract, which shows that not only have the sanctions failed to halt Iran’s industrial progress, but our pace of development of the oil, gas, refining and petrochemical (industries) has also accelerated.”
The minister also said all platforms in 27 standard phases of the giant South Pars gas field will be operational by March 2020 and all refineries, except for Phase 11, will come on stream by the time.
According to Zangeneh, Iran is set for the second leap in petrochemical production which will rise to above 100 million tonnes a year. The third leap, he said, will see this capacity surpass 150 million tonnes.