Sep 14, 2019, 1:35 PM
Journalist ID: 2374
News Code: 83474586
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Zangeneh says US sanctions not to halt Iran's oil industry

Tehran, Sept 14, IRNA – Iranian Petroleum Minister Bijan Zangeneh said on Saturday that the US sanctions cannot stop the Iranian oil industry.

He made the remarks in a ceremony to sign contract to develop Belal gas field shared with Qatar.

Zangeneh said all the platforms of the field will be installed by the end of the current Iranian year (started on March 21).

All refineries except 14th one will become operational, he added.

He noted that based on the contact the eastern wing of the South Pars oil and Gas field will be developed.

Stressing the fact that developing Belal gas field will be financed by National Development Fund of Iran, Iranian minister said the project will is to last 34 months and worth $440m.

Zangeneh added that after finalizing this field, Farzad-B and phase 11 of South Pars will become operational.

He said despite the fact that preventing pressure drop was one of the objectives of the contract with Total, now Iran wants to start designing platforms.

In July 2017, National Iranian Oil Company (NIOC) and the International Consortium, led by Total, signed an oil deal in the post-sanction era to develop phase 11 of South Pars.

As per the contract, CNPC of China and Iran's Petropars were other members of the international consortium.

Total's stake in the project was 50.1 percent, while that of CNPC and Petropars were 30 percent and 19.9 percent respectively.

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