Iran, Russia Sign Agreement for Energy Cooperation

Iran, Russia Sign Agreement for Energy Cooperation
Russia’s President Vladimir Putin (L) shakes with his Iran’s counterpart Hassan Rouhani during their bilateral meeting on the sidelines of the fourth Conference on Interaction and Confidence Building Measures in Asia (CICA) summit in Shanghai on May 21, 2014. China is hosting the CICA summit in Shanghai with Chinese President Xi Jinping and Russian leader Vladimir Putin among the heads of state attending. AFP PHOTO / RIA-NOVOSTI / POOL / ALEXEY DRUZHININ (Photo credit should read ALEXEY DRUZHININ/AFP/Getty Images)

National Iranian Oil Company (NIOC) and state-owned Russian giant oil company Zarubezhneft have inked a non-disclosure agreement whereby the Russian side will conduct studies on two Iranian oil fields, Iranian PressTV reported. Managing Director of NIOC, Ali Kadour, said that the Russian company will study West Paydar and Aban oil fields and will present its proposals to increase the recovery rate of both fields to the NIOC, according to Financial Tribune.

Aban and West Paydar oil fields are located in the province of Khuzestan, shared with Iraq, and represents one of the country’s largest energy projects in the post sanctions era.

Further, Zarubezhneft had earlier announced that it is willing to develop the Changuleh major oilfield in western Iran which it said could be brought online with an investment of $2.2b.

In an attempt to enhance energy ties, Russia’s Energy Minister, Alexander Novak, had said last October that Zarubezhneft will take up several other projects in Iran’s oil industry worth a total of $6b.


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