Iran plays down the effect of US sanctions

Iran

LONDON, June 19, 2018 – The development of South Pars has not slowed down in the face of US sanctions, Iranian officials claimed on Tuesday, despite the possible withdrawal of France’s Total.

Iran plans to increase its production capacity by 400,000 bopd and is also in the process of negotiating the development of the Azar and Changouleh oilfields with Russia’s Gazprom, said Gholamreza Manouchehri, the deputy head of the National Iranian Oil Company, cited by Reuters.

“Everything is going according to plan,” he added.

The report came days after India’s state bank said it would not process payments for Iranian crude starting November, when the sanctions are expected to kick in. The Indian government had said earlier that it would not honour unilateral US sanctions, but Indian refiners have already started to cut back on their orders of Iranian oil.

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