Russia’s Gazpromneft signs MoU with Iranian state oil company

By bne IntelliNews December 13, 2016

Russia’s energy minister, Alexander Novak, headed to Tehran on December 13 to sign a Memorandum of Understanding in what could be Russia’s first significant contract to develop oil fields in Iran.

Russia previously expressed interest in working with Iran’s oil and gas fields, but so far the country has not made any significant moves.

The deal is for Gazpromneft to study two fields called Cheshmeh-Khosh and Changouleh in the country’s south that have so far been underdeveloped with little or no investment from the state-owned National Iranian Oil Company (NIOC).

The deal comes amid a delegation of some 600 businesspeople from Russia to explore several projects in Iran, including in education, forestry, banking and transportation.

During his stay in Tehran, Novak will also chair the 13th Iran-Russia Joint Economic Commission together with Iranian Minister of Communications and Information Technology Mahmoud Vaezi.

The Gazprom memorandum with NIOC follows that last week with Shell, which also signed an MoU with Iran to develop fields in the south of the country.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

France's spending on Russian LNG surges to over €600mn this year

France's spending on Russian liquefied natural gas (LNG) surged to over €600mn this year, EU data reveals, Politico reports. The increase comes as French President Emmanuel Macron becomes ... more

What next for oil markets after Iranian strike on Israel?

WHAT: Oil prices have fallen following Iran's strike against military facilities in Israel. WHY: The risk of escalation was largely priced in last week in anticipation of the strike, and Israel ... more

LNG imports improving EU energy security as Russian gas supplies fall to 8% of gas imports

Liquefied natural gas helps make Europe’s gas supply more secure as it doesn’t rely on existing pipeline infrastructure, allowing EU countries to diversify the sources of their imports, the ... more

Follow Us On

Most Read

  1. Iran vs Israel: Who is better equipped for war?
    6 days ago
  2. Saudi Arabia to scale back plans for Neom city
    9 days ago
  3. BREAKING: Iraq, Syria and Jordan close airspace amid Iranian strike on Israel
    6 days ago
  4. PANNIER: Caspian military drills that exclude Russia and Iran have some people in Moscow asking questions
    7 days ago
  5. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    20 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    24 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. UBN: Russia could take the Baltic states in 48 hours
    29 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    22 days ago

Reports

Dismiss