May 22, 2022, 10:20 AM

Iran inks confidential oil contract with foreign firm

TEHRAN, May 22 (MNA) – The Manager of National Iranian Oil Company (NIOC) for Investment and Business Affairs announced the conclusion of a confidential contract, valued at €500 million, with a foreign company.

Fereydoun Kord-Zanganeh made the remarks on Sunday in an interview with the Iran newspaper and stated that the company signed oil contracts and Memoranda of Understanding (MoUs) with foreign companies in the past eight months.

Conclusion of oil contracts with foreign firms will help boom oil industry of the country optimally, Kord-Zanganeh emphasized.

The aforementioned contract, €500 million, concluded with a foreign company at the end of the previous Iranian calendar year in 1400 (ended March 20, 2022) but it was not covered by the media due to the sanctions imposed against the country.

The contract was inked for the development of oil layers at South Pars oil field which took place for the first time in the country.

At the same time, “We are pursuing the exploration of oil layers in the oil field as well.”

News ID 187048