• ZenTravels-BRTNepal
  • sbgl
  • sahara
  • ace-advertise

Iran Signs $740 Million Agreement on Oil Project

(VOA): Iran's state-run oil company has signed a $740 million agreement with a Russian-Iranian consortium to develop two oil fields near the Iraqi border.

Under the agreement signed Wednesday, there will be a 48,000-barrel daily production of crude for a 10-year span in oil fields in Aban and West Paidar in the southwest near the border with Iraq. Iran currently produces 36,000 barrels of crude in both fields.

The consortium includes the Russian state-controlled Zarubezhneft Oil Co. and the Iranian private Dana Energy Co.

This is the second energy contract with foreign companies following the landmark 2015 nuclear deal with world powers.

Last year, Iran signed a $5 billion agreement with France's Total SA and a Chinese oil company to develop its massive offshore natural gas field.

(This story has not been edited by N24 staff and is Voice Of America auto-generated from a RSS feed)

Published Date: Thursday, March 15th, 2018 | 12:45 AM

Your Responses

ads

N24 Exclusive

View All

The Kosovo Blunder: Moves Towards a Standing Army Sunday, December 16th, 2018

There never is a time not to worry in the Balkans. The next conflict always seems to be peering around the corner with a malicious enthusiasm, eager to spring at points..