Owji: Russian investors to spend $4.5b in 7 Iran oilfields

TEHRAN, Nov. 01 (MNA) – The Iranian oil minister said Russian investors and companies have finalized a contract for developing 7 oil and gas fields with Iran worth $4.5 billion, and some projects have achieved 7 to 35% physical progress so far. Speaking in a coordination meeting with the representatives of different working groups of the Iranian side of the Joint Economic Commission of Iran and Russia to review the documents compiled for the purpose of negotiating and signing the final document of Tehran-Moscow cooperation on Monday, Javad Owji stated that so far in the 16th Joint Commission for Economic Cooperation between Iran and Russia all the Iranian organizations have been instrumental. "Soon, with the summaries made, the general documents of the agreements between the two countries will be signed," he said. Emphasizing that at no time in history have relations between Iran and Russia been so close, he added, “We should all take advantage of this golden opportunity in the fields of energy, transportation, economy, industry, healthcare, banking, etc. Meanwhile, the cooperation between the two countries in the field of banking seems to be the most important.” Referring to possible sanctions on Russia in January by the United States and the European Union, the Iranian oil minister said, “Iran has been facing such sanctions for years, so it is a good opportunity to neutralize the sanctions with the help of two countries.” “Undoubtedly, some of the issues raised in the economic negotiations between Iran and Russia need the support of the Iranian parliament to be implemented, and we hope that this will also be sorted out," Owji said. “So far, Russian investors and companies have finalized a contract for developing seven oil and gas fields with Iran worth 4.5 billion dollars, and some projects have made 7-35% physical progress.” The Iranian oil minister further said that a downhole pump manufacturing plant would be built jointly by Russian companies and the Setad Farman Emam in the southwestern city of Ahvaz which is considered one of the outstanding projects developed by the two countries. “As planned, this plant will manufacture 150 downhole pumps every year. With their special technology, these pumps can increase the production of oil wells by two to three times,” he added.