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Iran - Russia to sign $1.5 billion oil contract

Oil&Gas Materials 5 July 2011 13:12
Iran and Russia recently signed a $1.5 billion agreement to construct a petrochemical complex in Assalouyeh, the Mehr News Agency reported.

Azerbaijan, Baku, July 5/Trend/

Iran and Russia recently signed a $1.5 billion agreement to construct a petrochemical complex in Assalouyeh, the Mehr News Agency reported.

After three years of negotiations between National Iranian Petrochemical Company and a Russian oil company, two parties have signed the agreement to construct a large petrochemical complex in two sectors of the Pars Special Energy Economic Zone in Assaluyeh.

The Russian company will invest $1.5 billion to construct the petrochemical complex. The National Iranian Oil Company will provide fuel for the complex from the South Pars field.

According to a report, the final contract is expected to soon be signed by the two countries.

Iran and Russia signed an agreement last year to implement joint gas and oil projects: the oil swap, the transit of crude oil and natural gas, and the establishment of a joint oil bank.

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