Iran Says Signs $1 Billion Oil Field Development Deal With Russia's Tatneft
December 18 2011 - 6:25AM
Dow Jones News
Iran said Monday it had signed a $1 billion oil-field
development deal with Russia's OAO Tatneft (TATN.RS), clinching a
rare contract with a foreign company amid mounting sanctions.
Iran's Oil Ministry website Shana said state-owned Petroleum
Engineering and Development Co. had awarded Tatneft a contract to
help develop the Zagheh heavy crude field in southwest Iran.
Tatneft didn't return a request for comment.
The contract, which other Iranian outlets said was worth $700
million, is to increase the field's production capacity to 7,000
barrels a day.
The agreement comes as Iran has struggled to replace Western oil
majors after they pulled out due to mounting international pressure
over Iran's nuclear program.
Russia's OAO Gazprom (GAZP.RS) earlier this year was replaced by
Iranian companies in a project after failing to finalize a deal
with Tehran and, according to the Mehr news agency, China's
National Petroleum Corp. is being fined for delaying works in a
natural-gas project.
The Islamic Republic was recently by a string of measures
against its banking sector in the U.S. and the U.K. and is facing
the threat of an oil embargo in Europe.
-By Benoit Faucon, Dow Jones Newswires; +44 20 7842 9266;
benoit.faucon@dowjones.com
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