Zanganeh: US sanctions failed to stop development of oil industry in Iran

Iran's Oil Minister Bijan Namdar Zanganeh has reiterated that US sanctions against Iran's oil industry have been ineffective, and attempts aimed at blocking Iran’s oil industry have gotten nowhere.

Iran PressIran news: Zanganeh said: "Despite US efforts to halt the progress of Iran's oil industry, the sector continues its development and a number of contracts have been signed, projects have been launched and implemented, Iran Press reported, quoting Tasnim news agency.

In his interview with the Tasnim news agency, oil minister Zanganeh said: "A lot of efforts were made to halt the development of Iran’s oil industry under conditions of sanctions."

He added: "However, not only the development of our country’s oil industry hasn't stopped, but we are witnessing an increase in the number of signed contracts, the launch of new projects, and implementation and operation of numerous projects in the country's oil and gas industry."

Iran's oil minister went on to say: "Oil and gas exploration continues across Iran, and whenever new discoveries yield results, the public will be informed about the increase in the country’s oil and gas reserves.”

Last Sunday, the deputy head of the National Iranian Oil Company (NIOC) announced that a massive gas field has been discovered south of the country.

Speaking to reporters in Tehran, Reza Dehqan said the huge gas field named 'Eram' has been discovered in the southern province of Fars.

He added that the field, with a reserve capacity of 19 trillion cubic feet of natural gas in place, is located in southern parts of the province.

Iranian officials have said the country is pressing ahead with its energy development plans despite severe US sanctions that seek to cripple the country’s economy.

Washington withdrew unilaterally from the JCPOA on May 8, 2018, and reimposed the toughest-ever sanctions against the country and started a plan to zero down Tehran's oil sales. The US also imposed sanctions on certain Chinese entities for knowingly transferring oil from Iran.

Iran has always declared that there are alternative ways of exporting Iranian oil despite US sanctions, the country's petrochemical capabilities, and also his forecast for Brent crude oil prices.   212/211/207 

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