Iran is determined to develop its oil industry in spite of U.S. sanctions imposed on the country, Iranian Oil Minister Bijan Zanganeh said.

Zanganeh, who said this in a televised speech on Saturday, added: ”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 minister said this before the signing of a 294-million dollars contract between the National Iranian Oil Company and Persia Oil & Gas, an Iranian firm.

He also stressed that the contract was to develop the Yaran oilfield that is shared with neighboring Iraq’s Majnoon field.

“The agreement aims to produce 39.5 million barrels of oil from the Yaran oilfield in Khuzestan province in southwestern Iran,’’ the Iranian Oil Ministry’s news agency SHANA said.