Tehran, Iran, Oct. 1
By Mehdi Sepahvand – Trend:
After signing a memorandum of understanding with Tehran, Russia has opened a line of credit of $5 billion for energy projects in Iran.
The credit is to be used for exploring deep water in cooperation with Russian companies, Iranian Deputy Minister of Energy Rahim Meidani said, Mehr news agency reported October 1.
The value of exploration projects over deep waters in Iran is about $250 million, the official said.
Meidani added that main cooperation between Iran and Russia in deep water exploration will focus on geophysical activities.
Tehran signed the memorandum with Rosgeologia over a month ago. Rosgeologia is a Russian multi-industry geological holding company which offers a full range of geological exploration services — from regional surveys to parametric drilling and subsoil monitoring.
Iran is a dry land which has suffered a general drought in the past decades. This has made the government think of ways to find access to new water sources, ranging from deep water sources inside the country to water to be imported from other countries, such as Turkmenistan.