Sep 14, 2019, 5:34 PM
Journalist ID: 2374
News Code: 83475119
0 Persons
Minister says $15-billion LC does not mean reducing sanctions

Tehran, Sept 14, IRNA – Iranian Petroleum Minister Bijan Zangeneh said Europe's $15-billion letter of credit does not mean reducing sanctions, adding that in oil industry view reducing sanctions means oil sale.

Addressing a ceremony to sign contract to develop Balal gas field, Zangeneh said oil sanctions were supposed to be lifted to let Iran sell its oil since the mentioned LC will create debt for Iran.

Referring to the fact that the Persian Gulf Star Oil Company has become operational by $100 million, he said it is now active with the capacity of 450,000 barrels  and its capacity is to increase to 480,000 barrels per day.

Expressing hope for starting discovery in Farzad- B, Zangeneh said if Indians are present in the due time, we will do the project unless we will do it independently.

He noted that China has not officially announced that it had withdrawn from South Pars phase 11 project, adding that negotiations are underway to solve the issue peacefully.

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