29 Mar 2024
Wednesday 9 August 2017 - 09:46
Story Code : 271596

Iran, Turkey, Russia sign deal on investment in oil, gas fields development

Iran, Turkey, Russia sign deal on investment in oil, gas fields development
Sputnik - Iran's Ghadir investment company, Russia's Zarubezhneft oil and gas intermediary and Turkey's Unit International have signed an agreement on joint investments in oil and gas fields' development projects, following a meeting in Moscow, Iranian media reported Tuesday.

MOSCOW (Sputnik) According toShana News Agency, it is expected that the parties will set upjoint ventures tofinance projects both inIran and outsidethe country.

Each company will allocate equal investment shares inthe jointly financed projects, withIran's Ghadir Exploration and Production Company incharge ofleading the consortium. Zarubezhneft, Ghadir and Unit International also agreed onjoining technical and economic efforts, the news outlet reported.

This is a landmark agreement forthe Iranian petrochemical industry, the first trilateral investment deal the country's company has closed withforeign partners.

In July 2016, Zarubezhneft signed an agreement withthe National Iranian Oil Company, according towhich the Russian intermediary has toinspect West Paydar and Aban oil fields inwestern Iran and report onthe possible ways toincrease the recovery rate ofthe facilities.
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