Zangeneh: Gas deal leaves no least doubt for business with Iran

IRNA — Minister of Petroleum Bijan Zangeneh said that the $4.8 billion gas deal signed with between Iran and French Total will leave no doubt for foreign companies to be active and invest in Iran.

Zangeneh made the remarks in a press conference on the sidelines of the signing ceremony for the South Pars Gas Field Phase 11 Development Contract signed between National Iranian Oil Company (NIOC), French Total, Chinese CNPC and Iranian Petropars company.

He said today’s deal with the first in its kind signed with three well-reputed companies after the JCPOA at a time when enemies beyond the ocean and certain neighbors were not pleased to witness Iran dignity and glory.

Putting the contract value at five billion dollars, Zangeneh said large volume of resources of the investment are hoped to be provided from outside through the contract.

“There is no limit for contribution of the Iranian companies to the contract.”

Asked to likely procrastination in the JCPOA or oil contract enforcement, Zangeneh said the deal has not been conditioned to anything like OFAC confirmation.

“Conclusion of the contract will serve as a point for recourse of the companies wishing to return to Iran to invest either in the oil industry or other sections.”

“The contract sends a very important message to European and Asian activists to invest in Iran.”

To a question on cooperation with Russian companies regarding their sanctioning by the US congress, Zangeneh said, “We consider the US sanctions as illegal and extraterritorial. No country can force other countries to comply with its wishes.”

As for the oil market and the OPEC accord, he said, “The major problem with OPEC is the US’ oversupply far from expectation. The OPEC members have observed their agreement for cut in the production and even some of them have been loyal more than 100 percent by their commitment.’