Iran’s SP Phase 11 development contract conclusion marks overcoming sanctions



    Iran’s deputy minister of Petroleum Amir-Hossein Zamaninia says the contract for development of phase 11 of South Pars is sign of overcoming the sanctions barrier, IRNA reported.

    Zamaninia said signing such a deal, Total showed that the risk of return of sanctions is minor and unlikely and such a feeling motivated it to invest in Iran.

    He said after the JCPOA, Iran is following international engagement under normal conditions.

    “Conclusion of the deal with Total and CNPCI proved the fact that we are under normal conditions and recourse of sanctions is unlikely,” he added.

    He said, “Under present circumstances, Iran should compete with other countries to attract investment. Foreign capital is limited and Iran is among countries having the highest advantage of huge oil and gas reserves.”

    “Naturally, Iran can compete with other countries in terms of attraction of investment.”