The National Iranian Oil Company (NIOC) and Gazprom have signed a strategic cooperation memorandum in Tehran that implies multi-billion dollar investments in Iran's upstream sector, Tasnim news agency reported on Tuesday.
NIOC Executive Director Mohsen Hojastemehr told the agency that the parties agreed to develop the North Pars gas fields and a site at the Kish Island field, in which the Russian side will invest $10 billion. "This memorandum will lead to the largest foreign investment in the history of Iran's oil industry. It will attract several tens of billions of dollars from Russia to Iran's oil and gas fields," he said.
GSV "Russia - Islamic world"
Photo: Federation Council
Based on materials from TASS