Egypt's PM, JICA chief discuss boosting investment, education ties at TICAD 9    Egyptian pound wavers vs. USD in early trade    SCZONE showcases investment opportunities to eight Japanese companies    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    Egypt's PM meets Tokyo governor, witnesses signing of education agreements    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Egypt's Sisi, France's Macron discuss Gaza ceasefire efforts in phone call    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Russian company signs up to develop Iran oil field
Published in Daily News Egypt on 18 - 12 - 2011

TEHRAN: Iran signed a deal reportedly worth up to $1 billion with Russia's Tatneft on Sunday to develop an oil field, a rare example of new foreign investment into the oil and gas sector of a country under ever tighter economic sanctions.
Oil Ministry website SHANA said the development at the Zagheh oil field, on the Gulf coast of Bushehr province, would produce 7,000 barrels per day (bpd) in its first phase, growing to 55,000 barrels in a second phase of the contract.
Iran, the world's fifth biggest oil exporter, says it produces 3.5 million bpd.
"This private company is one of the world's reputable companies working in extraction of heavy oil which is why we wanted to use its experiences," Oil Minister Rostam Qasemi was quoted as saying by the semi-official Mehr news agency.
Qasemi declined to comment on the value of the contract, saying it would be revealed after two months when the technical details were finalized.
However, Naji Sadouni, the director of the state Petroleum Engineering and Development Co., who signed the memorandum of understanding with his Russian counterpart, said the value of the contract was around $1 billion.
"The oil field will start production within 24 months and its full production will be in 54 months," Mehr quoted Sadouni as saying.
The president of the southern Russian republic of Tatarstan, the home of Tatneft, in Tehran for the signing, also visited Iran's giant South Pars gas field and said he hoped for further economic cooperation with Iran.
"The diversity of projects in South Pars is unbelievable ... I hope that in future Tatarstan becomes a place for comprehensive Iran-Russia cooperation," Rustam Minnikhanov told the official IRNA news agency.
Iran has been hit by international sanctions over its nuclear program which the West suspects might be aimed at making bombs.
Tehran denies the charge. Many Western companies have pulled out of Iran and few companies from elsewhere have shown enthusiasm to take their place.
Russia has criticized new US sanctions targeting Iran's financial and energy sectors as "unacceptable" and said they would damage any chances of renewing negotiations with Tehran over its nuclear program.
But there are few signs Russian investors are rushing to replace Western ones. Iran said in October that it had "excluded" Gazprom from Azar, a major on-shore oil field for what it said was a failing to live up to its undertakings.


Clic here to read the story from its source.