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Russian oil giant ready to invest in Iran’s oil projects

Russian oil giant ready to invest in Iran’s oil projects

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Date: 8 December 2015 15:22

Baku, Azerbaijan, Dec. 8

By Fatih Karimov - Trend:

Russia’s giant oil company, Rosneft has expressed readiness to invest in the Iranian oil projects.

The issue was discussed during a meeting of the Rosneft Chief Igor Sechin with Oil Minister Bijan Namdar Zanganeh in Tehran on Dec. 8, the Iranian ministry’s official Shana news agency reported.

Rosneft has already announced readiness for the development of Iranian Changouleh oilfield.

The company, as well as Russia’s Zarubezhneft and Lukoil, have said they intend to participate in the Iranian project, Ali Abbasi Larki, the development manager of the oilfield, said last month.

He added that Iran is considering these companies’ applications for involvement in the project.

Located in the west of Iran, the untouched-by-drilling Changouleh oilfield is shared with Iraq, and is projected to be developed in two major phases.

Representatives from Rosneft also discussed oil, gas and oil products swap with Iranian oil ministry officials during a visit to Tehran Nov. 11.

The two parties plan to form a joint committee to continue their negotiations on the issue. If realized, Rosneft will for the first time ever export or swap gas with another country, breaking Gazprom's monopoly.

Russian firms are keen to participate in developing oil and gas fields in Iran and projects for increasing Iranian oilfields’ recovery rate, according to Amir Hossein Zamaninia, the Islamic Republic’s deputy oil minister.

The issue of oil and gas swap was discussed during the visit of Russian Energy Minister Alexander Novak to Tehran in October.

Prior to the introduction of sanctions, Iran was an active participant in swap operations, which began in 1997 on the basis of signed contracts.

Novak said earlier that Russia can deliver gas to Iran’s northern regions and receive Iranian LNG in the Gulf.

Iran has an LNG plant, which is only 50-percent developed and is projected to become operational by 2019.

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