Minister: Iran developing oil fields regardless of sanctions

TEHRAN (Tasnim) – Iranian Oil Minister Bijan Namdar Zanganeh described the country’s oil industry as “growing” and said the Islamic Republic is developing oil fields regardless of whether the unfair economic sanctions imposed by the West are lifted or not.

“Currently, the (Iranian) oil fields are developing with reliance on the domestic capacity and (efforts) to provide the conditions for foreign investment,” Zanganeh told the Tasnim News Agency.

“It is unfair to say that Iran’s oil industry has come to a standstill in anticipation of the removal of the sanctions,” he noted.

The Iranian oil minister said although the removal of the “unfair” sanctions is welcomed, the development of oil fields has not slowed down for the hope of the termination of anti-Iran sanctions.

He further emphasized that numerous foreign companies are looking forward to a change in international conditions to actively participate in Iran’s oil market.

While talks between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) for a comprehensive deal on Tehran’s peaceful nuclear program are near the final stages, more foreign companies are impatient to seize the opportunity of investing in Iran’s lucrative market as soon as the sanctions are terminated.

By Tasnim News Agency