Publishe Date: 8:57 PM - 5/7/2018 | Print

Iran, Spain sign oil MoU

Economy - Iran and Spain signed memorandum of understanding (MoU) for cooperation in oil and gas industries and technology transfer.

The MoU was signed by Director General for Europe, America and Caspian Sea neighbors Department of Petroleum Ministry Hossein Esmaeili Shahmirzadi and Head of Spain delegation Maria Mercedes Monedero Higuero, who is Assistant Deputy Director for Mediterranean countries, Africa and the Middle East, on the sidelines of joint working group meeting.

The MoU aims to persuade companies for cooperation in up- and downstream fields, supplying equipment accompanies with sharing know-how, increases in oil retrieving fields, cooperation in the fields of petrochemical, refinery and sharing technical knowledge.

Deputy Petroleum Minister for international and commercial affairs Amir Hossein Zamaninia said in the meeting that although Iran has rich oil and gas resources, the exploitation from these two fields are not desirable.

He said that the current production capacities are around 4 million barrels of oil and 40 billion cubic meters of gas, which are not satisfactory.

Zamaninia said needs to renovate oil and gas industry infrastructures is an appropriate ground for participation of foreign firms and absorbing investors in this sector, adding that in the field of transferring technology and rendering management services Iran needs serious collaboration and cooperation of foreign partners like Spain.

At the meeting, a number of representatives from Spain Institute for Trade and Investment so called 'ICEX' as well as senior representatives from Spain's companies in the fields of oil, gas, refinery, distribution and petrochemical industries exchanged views.

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