Iranian oil company signs two contracts on local projects
Baku, Azerbaijan, Jan. 16
By Umid Niayesh- Trend:
National Iranian South Oilfields Company (NISOC) has signed two contracts with Iranian Ahvaz Pipe Mills Company, Khouzestan Oxin Steel Company and Mapna industrial group on local projects, ISNA news agency reported on Jan. 16.
Mapna will produce some 250 raw materials of Rolls-Royce turbine in 20 months for the NISOC according to the contract.
The second contract has been signed among the NISOC, Ahvaz Pipe Mills and Khouzestan Oxin Steel companies for production of 42 and 48 inch pipelines. The project is scheduled to be implemented in six to eight months and some $374.5 million (based on official rate of 24,831 rials per each USD) is forecasted for that purpose.
NISOC, a subsidiary of NIOC (National Iranian Oil Company) is charge of onshore oilfields in southern Iran. The company focuses on onshore upstream activity in the province of Khuzestan.
As Khuzestan is the main oil and gas-producing province, this entity is among the most significant in the NIOC family. It produces approximately 80 percent of all crude oil produced in Iran.
Edited by Saeed Isayev