MNA � Iranian oil minister Bijan Zanganeh said Sat. the France-proposed $15 billion credit line for Iran has nothing to do with the easing of US sanctions on the country.

�In the eye of the country�s oil industry, sanctions relief means selling oil,� Oil Minister Bijan Zanganeh told reporters on Saturday.

He was speaking on the sidelines of a signing ceremony for a deal between Pars Oil and Gas Company (POGC) and Petropars Company for developing Belal Gas Field in the Persian Gulf.

�The point was for the oil sanctions to be lifted so that we could freely sell our oil. This credit line will put Iran in debt in the future,� he added.

The $15 billion credit line has been proposed by the French side in a bid to salvage the 2015 Iran nuclear deal in the wake of US� unilateral withdrawal and Iran�s countermeasures in reducing commitments to the agreement.

The package is meant as an incentive to keep Iran in the nuclear agreement in the face of US� efforts to drive the country�s oil exports to zero.

The sum is said to account for about half the revenue Iran normally would expect to earn from oil exports in a year.

Elsewhere, Zanganeh maintained that the development of the phase 11 of South Pars has not yet been exempted from US sanctions.

He then refused to confirm data of Iran�s oil reserves or answer any questions regarding Iran�s measures to bypass US sanctions.

He did note, however, that Iran is in talks with China to peacefully resolve the issue of the East Asian country�s decision to leave the SP11 development project.