Russia’s Zarubezhneft, Turkey’s Unit International, and Iran’s Ghadir Investment Company signed a memorandum of understand (MoU) for oil and gas development, the Iranian Mehr News Agency reports.
Under the agreement, the three companies will work together to finance oil and gas projects both inside and outside Iran, Shana reports.
While each company will possess an equal share of the joint venture, Ghadir Investment Company will take the lead, according to Mehr News Agency. The partners will also coordinate technical and economic aspects of development.
Ghadir Investment Company is an Iranian investment corporation. Zarubezhneft—a state-owned, Russian firm—specializes in oil and gas exploitation, and Unit International is an energy-investment company based in Turkey.