Azerbaijan, Baku, Dec. 02 / Trend F.Milad/
Iranian private Pasargad Bank will invest in developing Esfandiar oilfield, associated with Saudi Arabia, ISNA news agency reported.
The field, which is located southwest of the Kharg Island in the Persian Gulf, has some 532 million barrels of in-situ reserve.
The contract for developing Esfandiar oilfield, worth $395 million, was initially signed with Petroiran Company in 2002 as a five-year plan. But, the project specifications were changed later.
National Iranian Offshore Oil Company's managing director Mahmoud Zirakchiyanzade said in September 2011 that several international companies expressed willingness to finance the field.
"Negotiations are underway with these companies and a contract will be inked this year (current Iranian year started on March 21)," Zirakchiyanzade said.
He further explained that the country needs some 400 million euros to develop the oilfield.