Iran, Venezuela sign new oil contract

Oil&Gas Materials 20 September 2011 16:17

Azerbaijan, Baku, Sept. 20/ Trend A. Qurbanova/

Iran has signed a new oil contract to establish platform construction yard in Venezuela, the Mehr News Agency reported quoting Deputy Chief of the Iranian Offshore Engineering and Construction Company (IOEC) Alireza Satei as saying.

"The IOEC and Venezuela Pedosa signed contract to build a platforms construction yard for oil and gas industry," he said.

Satei noted the projects will be implemented in four phases while estimated value for development of Phases 1 and 2 is $17 million and other phases will be installed in 4 and 7 months time period.