Russian major Lukoil, the country’s largest privately owned company, has signalled interest in purchasing compatriots Bashneft, which might come on the market as part of President Vladimir Putin’s privatization effort, Reuters reported on Friday.

Iran’s NIOC, Lukoil sign Caspian deal

Iran

MOSCOW, October 4, 2017 – Russia’s Lukoil and the National Iranian Oil Company signed two co-operation agreements on Wednesday for conducting geological surveys in Iranian waters of the Caspian Sea, among other areas.

A press release from the Russian company said the agreements would also cover Iran’s Abadan plateau and the northwest Gulf area.

The memorandums of understanding were signed in Moscow between Lukoil president and CEO Vagit Alekperov and Iranian Minister of Petroleum Bijan Namdar Zangeneh.

An Iranian delegation is in Russia this week for a ministerial meeting of the Gas Exporting Countries Forum, which is slated to choose a new secretary-general, replacing Iran’s Seyed Mohammad Hossein Adeli.

Iran has signalled increased interest in exploring and developing its Caspian assets since the end of sanctions in early 2016. Late last month, it was reported that local Caspian player Khazar Exploration and Production Company was in talks with Azerbaijan’s SOCAR on joint efforts for oil development.

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