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Iran waiting for proposals on oil and gas contracts from Russian companies

February 21, 20:17 UTC+3
Iran’s Oil Minister Bijan Namdar Zanganeh said negotiations between Russia and Iran on oil and gas contracts are at an advanced stage
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TEHRAN, February 21. /TASS/. Negotiations between Russia and Iran on oil and gas contracts are at an advanced stage and Iran awaits proposals on contracts from Russian companies, Iran’s Oil Minister Bijan Namdar Zanganeh told reporters on Tuesday.

"At the advanced stage [negotiations on oil and gas contracts with Russian companies - TASS]. We signed a range of memoranda with Russian companies," the minister said.

Iran waits for "proposals, technical conditions and financial parameters," Zanganeh added.

Several Russian companies, including Gazprom, Lukoil, Zarubezhneft and Tatneft made preliminary agreements with Iran for exploration of oilfields. In order to start production companies should make contracts of a new type that has not yet been approved by Iran’s parliament. The main difference of the new type of the contract is in making possible for foreign investors to hold a stake in a project.

An opportunity of oil-for-goods swamps was discussed at today’s meeting between Russian Energy Minister Alexander Novak and Iran’s Oil Minister Bijan Namdar Zanganeh.

"We discussed swap deals. Oil for goods," the Iran’s minister said.

The progress in implementing the oil production limiting agreement was also discussed, he added.

Russia and Iran can implement the "oil-for-goods" deal despite lifting of sanctions earlier imposed on Iran, Novak said earlier.

Oil swaps make possible for Iran to optimize oil deliveries to refineries in the north of the country because the greater portion of oilfields is concentrated in the South Iran.

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