Tehran, Iran, Mar. 27
By Mehdi Sepahvand – Trend:
Iran and Russia are likely to sign a crude oil deal March 27 as President Hassan Rouhani is heading to Moscow upon a formal invitation by his Russian counterpart Vladimir Putin.
If the deal is signed, Iran will export 100,000 barrels per day of oil to Russia, Tasnim news agency reported March 27.
A deal has already been discussed between the two countries, whereby Iran will receive cash and engineering services in return for the exported 100,000 barrels per day of crude.
Ali Kardor, the managing director of the National Iranian Oil Company, has said Iran needs $134 billion of investment in upstream oil and gas projects by 2021 to meet the objectives of the country’s Sixth National Development Plan (2016-2021) and with the new contract model it would be possible to reach this figure even sooner.