Petroleum Min: Russia to invest in Iran's new oil fields

Iranian Petroleum Minister Javad Owji has said that the Russian Federation will invest in Iran's oil fields.

Speaking to reporters on Friday, Owji said that all the items on the agenda of the relations between the two countries during the last three years were reviewed in the meeting with the Russian head of Iran-Russian joint economic commission, and among which was Russia's investment in Iran's new oil fields.

The progress in the field of industry and oil and gas, power plants, nuclear power plant number two Bushehr, banking, North-South corridor and Rasht-Astara railway were reviewed, he added.

The two sides discussed solving challenges in joint projects, he said, noting that new agreements and decisions were made, especially in the oil and gas and petrochemical industries.

Currently, seven oil fields are being developed in Iran with the investment of various Russian companies, he said.

Today, 220,000 barrels of Iran's oil production are from those fields in Iran in which the Russians have invested, Owji said.

Iranian experts are currently meeting the requirements of Russian companies in the upstream and downstream fields of the oil industry, and in turn, some of the requirements of the Iranian oil and gas industry are being met by Russian companies, he added.

News ID 197810

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