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Friday, November 24, 2017

Rosneft, NIOC Ink Cooperation Deal

November 2, 2017

Image:  Rosneft

Image: Rosneft

 Russian oil producer Rosneft and the National Iranian Oil Company (NIOC) have agreed an outline deal to work together on a number of “strategic” projects in Iran together worth up to $30 billion, Reuters reported quoting Rosneft’s head Igor Sechin as saying.

 
The potential collaboration with Iran would further strengthen Rosneft’s position in the Middle East, the company having already secured a number of deals in the region, including the acquisition of a majority stake in Iraqi Kurdistan’s main oil pipeline.
 
During the visit of the Russian President Vladimir Putin to the Islamic Republic of Iran Rosneft Oil Company and National Iranian Oil Company signed the “Road Map and Key Terms of Strategic Cooperation in the Field of Oil and Gas”.
 
This document confirms the parties high level of interest in developing long-term and mutually beneficial cooperation in key areas of business, including exploration and production, field services, local application of technology, as well as training for personnel.
 
The parties have agreed upon the main principles of Rosneft’s participation in projects in the Islamic Republic of Iran and approved the path forward plan. 
 
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