IRNA � First Vice President Eshaq Jahangiri said on Wednesday that signing the contract between Total of France and the National Iranian Oil Company (NIOC) for the development and production of phase 11 of South Pars (SP11) should be regarded as a shameful defeat for the US and sanctions as they called for freeze of money and capitals towards Iran.


Speaking in the special ceremony to inaugurate Bank Melli Museum, he said those who mind the country�s success and developments should be happy with signing the deal with Total.

�I have no idea why some people have become so upset after signing the deal with Total as such contracts meet the country�s interests,� he said.

The American has already imposed sanctions against Iran and underlined that no one dares to invest over dlrs 20 million in the Iranian oil industry and this contract should be regarded as their defeats as well as those sanctions preventing investment in Iran, he said.

'Our priority will be given to the country�s economic development,' Jahangiri said.

Total and the National Iranian Oil Company (NIOC) have signed a contract for the development and production of phase 11 of South Pars (SP11), the world's largest gas field. The project will have a production capacity of 2 billion cubic feet per day or 400,000 barrels of oil equivalent per day, including condensate.