Iran, Belarus set up joint oil company

Oil&Gas Materials 18 December 2009 18:27 (UTC +04:00)

Azerbaijan, Baku, Dec. 18 / Trend /

Iran set up the oil company BelPars together with Belarus, Iranian oil minister Masud Mir-Kazemi said.

"Iran and Belarus will invest $500 million to develop Iranian oil field Jafir," Mir-Kazemi said, MEHR Iranian news agency reported.

Mir-Kazemi said that part of $500 million is invested in development of oil field Jafir, the rest part will be invested from profit obtained from extracted oil.

"The first phase of development of oil field Jafir was launched. Oil extraction will be launched at this stage during 4-5 months. Research operations are being held on other phases of development of the field," Mir-Kazemi said.

About 15,000 barrels are planned to be extracted within the first phase of development of the oil field Jafir but about 25,000 barrels - from the second one.

Mir-Kazemi said that a joint oil company BelPars was set up to develop oil cooperation between two countries.