Iran to award oil deals to Zarubezhneft
Russia says its state-owned energy giant Zarubezhneft will take up several projects worth a total of $6 billion in Iran’s oil industry.
The announcement has been made by Russia’s Energy Minister Alexander Novak was has just returned from a landmark visit to Iran.
Novak said Zarubezhneft’s participation in Iranian oil projects will be in line with a series of agreements that were reached with the country to expand mutual economic ties.
He added that the two countries have devised a package of projects that are collectively worth $35 billion to $40 billion.
Novak, heading a 50-member delegation, arrived in Tehran on Wednesday for a two-day visit to discuss joint economic projects.
Zarubezhneft, created during the Soviet period, represents Russian state interests in overseas oil projects. Its biggest project to date is in Vietnam, where it has run the Vietsovpetro joint venture with state firm Petrovietnam since 1981.
The company has been for long considering participating in Iran’s upstream projects. It has been reportedly involved in discussions with officials from the National Iranian Oil Company (NIOC) since 2008 when the former president Mahmoud Ahmadinejad (2005-2013) was in office.
It is still not clear in which project or specific sector in Iran the Russian company plans to make investments.
Nevertheless, its officials have already said the company was involved in a project to drill a 6,000-meter oil exploration well in the Caspian Sea for Iran in the 90s.
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