“Following the removal of Western sanctions, we will be able to fund the projects using new methods,” Bijan Zangeneh said in a live televised interview on Monday.
He added that to complete development of South Pars phases within the next two years, the Petroleum Ministry will have to channel funds worth up to $600 million into the projects per month.
“In the post-sanctions era, we will be able to fund our projects using the new model of oil contracts, international and domestic monetary resources and the stock exchange.
An Iranian consortium led by Khatam al-Anbia Construction Headquarters was in charge of the project to develop South Pars phases 15 and 16, he noted.
The minister also said that $6 billion were invested in the project, adding once operational, the phases will produce 50 million cubic meters of gas and 80,000 barrels of gas condensates per day.
The government of President Hassan Rouhani managed to launch the phases under the West’s tough and cruel sanctions, he recalled.
“We do not welcome or appreciate embargoes, but will certainly not die out of them,” said the minister.
He urged Iranian contractor companies to begin exporting services.