Rosneft, Iran’s NIOC eye $30 bln in projects

Iran

TEHRAN, November 1, 2017 – Rosneft and the National Iranian Oil Company have agreed on the joint undertaking of projects worth around USD 30 billion, the Russian oil giant and international media reported on Wednesday.

Igor Sechin, CEO, chairman of the management board and deputy chairman of Rosneft, told Reuters that the total production targeted in the joint initiative is 1.1 million bopd.

He also said the agreement was the first step towards “legally binding documents” to be signed within a year.

On October 25, Russian officials visiting Tehran began a set of talks on oil co-operation.

Russian companies have signed numerous agreements to carry out studies on Iranian oil and gasfields in the post-sanctions period, and are poised to enter field development contracts in the coming months.