TEHRAN, Young Journalists Club (YJC) - He said that the Oil Ministry’s priority has been speeding up proceedings to ink new oil and gas deals with foreign companies as a tactic to defuse US pressures against Iran.
Zangeneh continued that Ministry has also pursuit providing diversified range of contractors in a bid to to protect Iranian oil industry against US pressures.
“We should not depend only on Europe,” Zanganeh said, adding, “Providing various kinds of contractors would protect Iran’s oil industry.”
In early July, Iran awarded a contract to a consortium led by French energy giant Total over the development of Phase 11 of South Pars.
Based on the deal, Total would invest an initial $1 billion in the project which it would carry out together with China’s CNPC and Iran’s Petropars.
It was seen as the biggest vote of confidence in the Islamic republic since sanctions were lifted against the country under a 2015 nuclear deal with world powers.
The Iranian oil minister said that US-led sanctions on Iran have caused many problems for Iran’s oil and gas projects.
Zangeneh continued that Iran had to take concrete steps to pave the way for finance of its oil and gas projects, specifically those located in areas bordering Iraq.
Devising a new generation of oil contracts, Zanganeh emphasized, was a significant step in the same direction.