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.

Related Articles

Romania to restart Hidroelectrica IPO, envisages selling smaller stake

The Romanian government is interested in accelerating the initial public offering (IPO) of a stake in hydropower company Hidroelectrica, Minister of Economy Toma Petcu said on September 23, quoted by ... more

UK's Quercus to invest €500mn in Iranian solar plant

British renewable energy investor Quercus is to invest more than €500mn in a solar plant project in the first half of 2018, Iran Student News Agency reported on September 18, citing Reuters. The ... more

Controversial Czech company threatens Kyrgyzstan with arbitration for loss of hydro contracts

Czech company Liglass Trading has threatened Kyrgyzstan with international arbitration for the annulling of contracts to build and run 12 hydroelectric power plants, Reuters ... more