Iran inks $440 million deal to develop Gulf gas field amid US sanction


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Iran inks $440 million deal to develop Gulf gas field amid US sanction

On Saturday, the 14th of September 2019, US-sanction hit Iran had signed a $440 million contract with a local company, Petrobars, in a bid to development the Bilal gas field in the Gulf, Iran’s state television media had reported earlier on Saturday (September 14th) citing top officials of the energy-rich Gulf country’s gas sector amid a sweeping US ban on the country’s oil export.

Meanwhile, at the later part of the day, followed by the reveal of state media report, adding that the US sanctions had not stopped Iran’s development, the grief-sickened nation’s oil minister, Begin Namdar Zanaganeh said at the contract signing ceremony, “This contract and other contracts to come show that we are working despite the sanctions.

Sanctions have not stopped us, we are working”. On top of that, Iran’s state television had also added that under the regulatory terms of the agreement with the state-run National Iranian Oil Company, the Petrobars had agreed to produce 500 million-cubic feet of gas per day.

More critically, Bilal field is a joint gas field located at the border of Iran and Qatar and shared equally by the Gulf countries, nonetheless, more specifically, the gas field is positioned at the Persian sea border between the two countries in the Gulf.