News ID: 258794
Published: 0229 GMT September 16, 2019

Official: Iran’s oil industry growing regardless of US sanctions

Official: Iran’s oil industry growing regardless of US sanctions

Iran is steadily developing its oil and gas projects, said Deputy Director for Development and Engineering Affairs at the National Iranian Oil Company (NIOC) Reza Dehqan, reminding that Washington’s sanctions are nothing new to Tehran.

Dehqan said that sanctions were nothing new in the oil industry of Iran, adding that developing the country’s oil industry never stops, reported Fars News Agency.

He added that the fate of all the country’s joint oil and gas fields would be completely determined within the next two years, adding that the development of several fields is underway in the country.

The official said the NIOC has prepared a $6.2-billion project package for maintaining and enhancing production in the oil industry, adding that 10 contracts regarding the projects had so far been signed and eight others were to be signed within the next few weeks.

The fate of the remaining contracts will be determined by the end of the current Iranian year (March 19, 2020), he said.

He said the development of Forouzan Oilfield, which is shared with Saudi Arabia is underway by tapping domestic capabilities.

“Capabilities of domestic firms have left us no dead ends in developing the fields,” he said.

On Saturday, Iranian Oil Minister Bijan Namdar Zanganeh underlined ineffectiveness of the US sanctions on Iran's capability to export its crude, saying that pressures have backfired and accelerated development of his country's oil industry.

"We have shown in the oil exports sector that the US cannot zero our exports," Zanganeh said in Tehran.

He noted that from now on Iran will ink a new contract or inaugurate new installations in the oil, gas and petrochemical industries every other week, and said, "This shows that sanctions have failed to stop development of Iran's industry and our tempo has increased in developing oil, gas, refinery and petrochemical industries."

Zanganeh also declared a leap in the country's petrochemical industry, saying that the capacity to produce petrochemicals will surpass 100 million tons.

In relevant remarks earlier this month, Iranian government spokesman Ali Rabiei had also downplayed the effects of US sanctions against his country, stressing that Iran had many options for exporting its crude.

"Despite the espionage acts by Israel and the US, I clearly declare that we sell our oil as much as we need through planning," Rabiei said.

He explained that Iran has 15 neighbors and is located in a region with many opportunities, and added, "We will be able to sell our oil through different methods and fortunately, there is good progress in advancing oil discoveries and plans."



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