Iran, Turkey, Russia ink oil coop. agreement

News ID: 4054392 -
TEHRAN, Aug. 09 (MNA) – A tripartite oil partnership and investment agreement was signed in Moscow between Iran, Turkey and Russia.

The three-party oil deal was sealed between Iranian company, JSC Zarubezhneft of Russia as well as the Turkish energy company Unit International S.A.

Under the terms of the MoU, the three participating companies will conduct joint venture within scheme of oil and gas development operations inside or outside the country.

Ghadir Exploration and Production Company of Iran has been assigned as the leader to the agreement, which was signed at presence of senior executives of the three parties in addition to senior state officials of Russia. Moreover, share of investment was equally distributed among the three firms.

Based on the agreement, in addition to the possibility of joint ventures for development activities in domestic and foreign oil and gas fields, the parties have agreed that to follow up all technical and economic activities for implementation of oil and gas fields development projects with tripartite cooperation and formation of strategic technical-economic teams.

The deal marks the first ever tripartite partnership and investment agreement between Iranian and foreign companies. The Iranian firm, as a qualified company for exploration and production activities, has signed into cooperation agreement with the National Iranian Oil Company (NIOC) for study of the third phase in Darkhoin, Sepehr, Jafir oilfields as well as Kish gas field.

JSC Zarubezhneft is a Russian state-controlled oil company based in Moscow that specializes in exploration, development and operation of oil and gas fields inside and outside Russian territory. It is active in exploration, development and operation of oil and gas fields abroad; design, construction and operation of oil refineries, tank farms and pipeline systems; application of advanced Russian technologies for oil field development; testing and export of modern hi-tech methods for oil recovery enhancement and export-import operations for technological equipment supply. In recent years, the Russian state-controlled oil company based in Moscow has been involved in oil and gas projects with major global companies like ExxonMobil of the US, France’s Total and Statoil of Norway among the others.

Zarubezhneft, as one of the world's leading international companies, recently received approved of NIOC to participate in Iran's oil and gas fields development projects.

Unit International S.A. is also a private Turkish company operating in the fields of energy and electricity generation in Turkey, Iran and European countries.

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