By  Trend

Iran and Spain signed a memorandum of understanding for cooperation in oil and gas sector on the sidelines of Tehran-Madrid joint working group meeting.

The document was signed by Hossein Esmaeili Shahmirzadi, director general of the Europe, US and Caspian neighbors department of the oil ministry and Mercedes Monedero, head of the Spanish delegation in the working group, the oil ministry’s official SHANA news agency reported May 7.

The MoU envisages encouraging firms to cooperate in upstream and downstream projects as well as provision of equipment.

The document also targets transfer of technology to Iran and cooperation in the field of Enhanced Oil Recovery (EOR).

Iran’s deputy oil minister for international affairs, Amir Hossein Zamaninia, said at the meeting that Spanish companies have been negotiating with several companies for financing the Iranian projects.

The Spanish Association of Manufacturers of Capital Goods (SERCOBE) is also represented in the working group. SERCOBE represents 120 companies and industrial groups, 4 collective members and 3 special groups, representing more than 400 Spanish companies.