Iran, Russia to sign major oil deal

Bahman Soroushi, director of the NIOC Oil and Gas Control unit, said on Monday that the deal would be signed before the new Iranian year (starting March 21) with a consortium of domestic and foreign firms, including Gazprom.

“The contractual details on the development of this oil field were finalized in the course of negotiations between an Iranian NIOC delegation to Russia and Gazprom earlier this year,” he said.

According to the Reuters news agency, a Gazprom spokesman confirmed that talks were under way but did not comment on the timing of any deal.

“We will continue negotiating over the field's master development plan until the end of March,” the spokesman said.

In November 2009, the NIOC signed a Memorandum of Understanding (MoU) with Gazprom for the development of Azar and Shangul oilfields in Iran.

Iranian officials say the Azar field, which lies in Ilam Province in western Iran and is shared with neighboring Iraq, could produce as much as 55,000 barrels of oil per day.


/Press TV/