Russian oil company ready to invest in Iran's Ilam prov.
A provincial official in Iran's western Ilam province says a Russian oil company has declared its readiness to invest in development of oil fields and construction of oil refineries in the province.
Speaking to IRNA on Wednesday, Heshmatollah Askari, Ilam’s deputy governor general for coordination of economic affairs and regional development, said the Russian company, which he did not name, is ready to invest in four major oil and petrochemical projects across the province.
“The projects include drilling wells and oil extraction in Changouleh oil field near the border city of Mehran, construction of a refinery close to Azar and Changouleh oil fields, construction of an oil refinery near the city of Dehloran, and building a petrochemical plant in the same city,” the official said.
Askari noted that the projects will need an investment of over USD 7 billion.
“Necessary studies on the projects have been carried out and essential infrastructure, including land, water and electricity, has been also provided at the lowest cost,” he added.
The deputy governor general of Ilam province further stated that a memorandum of understanding has been already signed with the Russian company and the two sides are going to hold meetings to discuss technical details of the projects.
Askari said provincial officials are now waiting for the Russian company to provide them with necessary documents to prove its technical capability to implement the projects.
“If approved by the Oil Ministry, the results of studies conducted thus far will be made available to the Russian company to start implementing the projects,” he added.
Ilam Province is located in western Iran bordering Iraq, and contains 6 percent of the country’s oil and 11 percent of its gas reserves. The province ranks second in the country in terms of gas reserves and ranks the third in terms of oil reserves.
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