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.

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