News ID: 198314
Published: 0242 GMT August 09, 2017

Iran, Turkey, Russia sign oil, gas investment deal

Iran, Turkey, Russia sign oil, gas investment deal

Iran, Russia and Turkey signed an agreement for joint investment in oil and gas development projects.

The agreement was signed in Moscow between Iran's Ghadir investment company, Russia's Zarubezhneft oil and gas intermediary and Turkey's Unit International, Shana reported.

This is the first tripartite agreement on partnership and investment between Iranian and foreign companies based on which the parties will establish joint ventures to fiance projects both in and out of Iran.

According to the report, Iran's Ghadir Exploration and Production Company will lead the consortium, while each company will allocate equal share of investment in the jointly-financed projects.

"The three parties also agreed to follow all technical and economic activities related to the implementation of oil and gas field development projects in partnership through forming technical and economic leadership teams," the report added.

Ghadir has signed a cooperation agreement with National Iranian Oil Company (NIOC) to study of the third phase of the Darkhovin (Darquin), Sepehr and Jufair oil fields and Kish gas field as one of the qualified Iranian companies for exploration and production activities.

Zarubezhneft recently became one of the world's leading international companies approved by NIOC to participate in the development of Iran's oil and gas fields. In July 2016, Zarubezhneft signed an agreement with NIOC to survey West Paydar and Aban oil fields in western Iran for possible increase of recovery.

The company is a state-owned enterprise active involved in exploration, development and drilling of oil and gas fields both inside and outside Russia. It has been involved with major companies such as ExxonMobil USA, Total France and Statoil Norway in oil and gas projects in recent years.

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

In March, South Korea's SK Engineering and Construction (SK E&C) signed an agreement with Unit International to build and operate five gas-fired power plants in Iran with an investment of $4.2 billion.

The power stations would have a combined generation capacity of 5,000 megawatts, making them Iran's largest privately developed power plants, South Korea's Yonhap news agency quoted SK E&C officials as saying at the time.

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