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Russian 300-member delegation prepares to visit Iran

Business Materials 7 December 2016 12:39 (UTC +04:00)

Baku, Azerbaijan, Dec.7

By Dalga Khatinoglu – Trend:

A 300-member Russian delegation, headed by Energy Minister Alexander Novak will visit Tehran on Dec.13, Iran’s Ambassador to Russia Mehdi Sanayee said.

According to Sanayee, Russian delegation from both state and private sector will pay a 2-day visit to Tehran, the official website of Iran’s Embassy in Moscow reported.

According to the report, during this visit, construction of four thermal power plants in Bandar Abbas worth 1.289 billion euro will be discussed, among other topics.

Before, a 28-member delegation, including some Russian companies, visited Iran Nov.17 to become familiar with the country’s newly designed contract model, called Iran Petroleum Contract or IPC.

Iran recently signed MoUs with Lukoil, Zarubezhneft and Tatneft, but no agreement has been sealed between Iran and Russian companies since the elimination of sanctions on the Islamic Republic in January 2016 yet.

Iran says it needs more than $130 billion worth of investment to develop about 50 oil and gas fields based on IPC.

Currently Iran produces 3.7 million barrels per day (mb/d) of crude oil, above 550,000 p/d of gas condensate and 750 million cubic meters per day (mcm/d) of gas.

The country plans to increase the oil production to above 5 mb/d by 2021 and its gas condensate and natural gas output is expected to reach 1 mb/d and 1.25 bcm/d in next five years.

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