Iran, Turkey, Russia sign oil investment deal

ایران، روسیه، ترکیه

Tehran (ISNA) - Iran's Ghadir investment company, Russia's Zarubezhneft oil and gas intermediary and Turkey's Unit International have signed an agreement on joint investments in oil and gas fields' development projects, following a meeting in Moscow, Sputnik reported.

It is expected that the parties will set up joint ventures to finance projects both in Iran and outside the country.

Each company will allocate equal investment shares in the jointly financed projects, with Iran's Ghadir Exploration and Production Company in charge of leading the consortium. Zarubezhneft, Ghadir and Unit International also agreed on joining technical and economic efforts.

This is a landmark agreement for the Iranian petrochemical industry, the first trilateral investment deal the country's company has closed with foreign partners.

In July 2016, Zarubezhneft signed an agreement with the National Iranian Oil Company, according to which the Russian intermediary has to inspect West Paydar and Aban oil fields in western Iran and report on the possible ways to increase the recovery rate of the facilities.

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