MNA – CEO of National Iranian Oil Company (NIOC) said Tue. that the oil contract with London-based Pergas to develop Karanj field has been finalized.

Ali Kardor, CEO of National Iranian Oil Company (NIOC), said Tuesday that an oil contract signed with London-based Pergas back in May to develop Karanj field in Khuzestan province has been finalized.

Under the contract signed a few days after US’ withdrawal from the Iran nuclear deal, the consortium will produce 655 million barrels of oil from the Karanj field in Khuzestan province, southwest Iran, over the next 10 years, according to SHANA.

Kardor went on to add that the NIOC is currently reviewing development plans for three other oil fields; “we are in talks with three foreign companies and will announce the results in the next two weeks when the IPC contracts are expected to be signed,” he added.

Kardor then mentioned the signing of an agreement and the holding of seven tender offers for implementation of maintenance plans and increasing the production capacity of oilfields, adding that a number of other development and production capacity plans are being finalized.

He said certain resources have been already determined to fund the projects, adding that a model for Manfa’ah or usufruct sukuk has been designed with the help of the Stock Exchange, and will be distributed in the market in two or three weeks.

Kardor further vowed to prevent any harm to the development of Iran’s oil industry.