Russian oil companies lured into Iran’s oil, gas markets

TEHRAN, Jan. 06 (MNA) – Russian oil and gas companies now seek Iranian oil and gas projects as their main investment hub after abandoning projects in eastern Europe.

Iran’s plans to increase its natural oil gas production up to 1 billion cubic meters per day in a 3-year project would require considerable amounts of resources as investment in expanding gas transport network and refinery plants.

According to Ministry of Oil estimations, such ambitious plans would need investments of $30bn, which will be injected into the unfinished projects of gas industry such as pressure relay posts, expanding of Ilam, Fajr, Jam, and Hasheminejad gas refinery plants, and the 11th, 9th, 6th, 7th, and 10th phases of national gas pipeline.

With such attractive markets to invest in and the rather good prospect of a possible nuclear deal between Iran and the 5+1, and removal of international sanctions, oil and gas giants now have sought opportunities to invest and participate in Iran’s highly profitable oil and gas sector; with the same clue, Russians have made an attractive investment proposal to the NIGC.

Asghar Soheilipour, Deputy-Oil Minister and the head of NIGC said that Iran’s oil ministry officials had meetings with Russian companies on the sidelines of Moscow Energy Exhibition; “Russians are very interested in Iran’s gas sector to participate as investors in the country’s gas projects having abandoned projects in eastern Europe; they have made a $2bn investment package, and the negotiations with Russian companies still continue,” said the official.

The proposal comes after, in 2014, Iran’s NIGC and Russian Gasprom signed an agreement. Hamid Reza Araghi had told Mehr News earlier this month that a joint workgroup had been made to coordinate Iran and Russia’s cooperation; “the agreement covers three sectors joint gas operation projects, training personnel, and other international activities,” he had told Mehr News.

By Mehr News Agency

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