The Iranian oil industry has signed 13 contracts worth roughly EUR 1.5 billion with 14 local firms to enhance and maintain oil production.

Two Russian firms are reportedly preparing bids and technical proposals to develop the Shadegan oil field in southern Iran.

Pergas International Consortium will replace international companies unable to continue work in Iran because of the upcoming reimposition of US sanctions.

National Iranian Oil Company (NIOC) is negotiating with the Philippines over exporting 4mb of crude per month to the country.