Russia's Tatneft Denies Deal To Develop Iran Field

Russian mid-sized oil producer OAO Tatneft (TATN.RS) Monday denied reports that it had entered an agreement to develop the Zagheh heavy crude field in southwest Iran, while a Russian regional government said a local scientific centre had entered an agreement.

"Tatneft hasn't entered into any agreements, contracts and haven't accepted any other undertakings relating to oil and gas projects in Iran," the company said in a statement.

Sunday, Iran's Oil Ministry website Shana said state-owned Petroleum Engineering and Development Co. had signed a memorandum of understanding with Tatneft to help develop the Zagheh field.

Tatneft is controlled by the government of Tatarstan--a largely Muslim region of Russia.

A statement on the Tatarstan government website said Tatneftekhiminvest-Holding--a local scientific center--had signed a memorandum of understanding with Iran's state oil company on cooperation on the Zagheh field. The memorandum was signed during a visit by the republic's president to the Middle East nation over the weekend.

A Tatneft spokeswoman confirmed the company hadn't signed the agreement in Iran, but couldn't immediately say if Tatneft had any connection to Tatneftekhiminvest-Holding.

-By Jacob Gronholt-Pedersen, Dow Jones Newswires; +7 495 232-9197, jacob.pedersen@dowjones.com

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