Aug 29, 2017, 2:41 PM
News Code: 82648182
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New contracts sign of US failure: Oil Minister

Tehran, Aug 29, IRNA – Every agreement between Iran and foreign companies in the oil sector is a new sign of the failure of the US government's anti-Iran policies, Minister of Petroleum Bijan Zanganeh said.

'Every agreement is tantamount to US policies' failure,' he said late on Monday commenting on the little effects of US policies on preventing investments in Iran's oil industry and stressed the necessity of stepping up the pace of making oil agreements.

While the US has been trying to impose new sanctions on Iran over the past months, Iran’s National Oil Company (NIOC) on July 3 signed a multi-billion-dollar agreement with an international consortium, headed by the French oil giant Total, to develop the phase 11 of the South Pars gasfield.

The $4.8 billion agreement, after implementation, would add 2 billion square feet to Iran production capacity in the rich field which the country shares with Qatar.

'We should not focus only on the Europe, as diversifying the parties to the agreements can create a safe margin for the country against the US pressures,' the minister said.

Pointing to the negotiations on the field's development under the new oil contracts along with ten working groups studying them, Zangeneh added that holding consecutive meetings, and non-stop pursuit of the issue are on his ministry's agenda.

'The new agreements are not confined to the new oil deals as contracts suitable for each project would be signed,' he added.