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Iran aims for "oil-technology" barter with Russia

Business Materials 13 December 2016 12:04 (UTC +04:00)

Tehran, Iran, December 13

By Mehdi Sepahvand, Dalga Khatinoglu - Trend:

Iran plans to sell 100,000 barrels of oil per day to Russia, the agreement has been achieved and a deal is expected to be signed in the coming days, Oil Minister Bijan Namdar Zanganeh told reporters, Trend’s correspondent reported from Tehran.

After sealing memorandum of understanding with Gazprom Neft over developing Cheshmeh Khosk and Changouleh fields on December 13, Zanganeh said that a half of oil value would be paid by importing Russian oil engineering, equipment, technology and service imports. He did not say how the other half would be paid.

“We should reach a final agreement with Russia in the coming days over oil deal,” he said.

Before, Zanganeh said on De.13 that Iran plans to assign development of seven oil fields to Russian companies, including Gazprom, Lukoil and Zarubezhneft to develop Cheshmeh Khosh, Changouleh, West Paydar, Aban, Dehloran, Mansouri and Ab Teymour fields.

Iran has already signed MoUs with Russian companies over the mentioned fields, which contains about 43 billion barrels of oil in-situ reserves.

All of the mentioned fields are among the 49 fields which Iran offered to foreigners based on the newly designed model contracts, called the Iran Petroleum Contract or IPC.

Iran needs $130 billion investment to develop 49 fields, of which 80 percent is expected to be attracted from foreign companies.

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