Tehran
Iranian Oil Minister Bijan Zanganeh has asserted that the country is determined to develop the oil industry in spite of US sanctions. The statement came during the signing ceremony of a $294 million contract between the National Iranian Oil Company and Persia Oil, an Iranian firm. The contract was signed to develop the Yaran oilfield that is shared with neighbouring Iraq’s Majnoon field. The agreement aims to produce 39.5 million barrels of oil from the Yaran oilfield in Iran’s Khuzestan province. In a televised speech today (Saturday), Iran’s minister said, “We will not surrender under any circumstances. We have to increase our capacity so that when necessary with full strength we can enter the market and revive our market share.” The United States reinstated economic sanctions on Iran after President Donald Trump abandoned a landmark nuclear deal in May 2018. Arab News
