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Iran and Russia signed 2 oil contracts

The National Iranian Oil Company and Lukoil signed 2 MoUs on geological evaluation of the Caspian Sea.

Iran and Russia signed 2 oil contracts


The National Iranian Oil Company (NIOC) and Russian oil corporation Lukoil on October 4, 2017, signed 2 MoUs on geological evaluation of the Caspian Sea.

The 2 MoUs were signed in the presence of Iranian Oil Minister Bijan Zanganeh and Lukoil CEO Vagit Alekperov before their bilateral meeting in Moscow.

The contracts were signed after months of negotiations about geological explorations in the southern part of the Caspian Sea.

This would be the 1st time for Iran and Russia to cooperate over an energy-related project in the Caspian Sea.

Bijan Zanganeh was in Moscow to attend the 19th Ministerial Meeting of the Gas Exporting Countries Forum (GECF) on Wednesday, chaired by Russian Minister of Energy Alexander Novak.

Zanganeh highlighted the importance of oil cooperation between Iran and Russia, and deemed the GECF meeting highly effective in expanding energy cooperation between the 2 sides.


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