Iran signs $740 million agreement on oil project
March 15, 2018
TEHRAN, Iran (AP) — Iran's state-run oil company has signed a $740 million agreement with a Russian-Iranian consortium to develop two oil fields near the Iraqi border.
Under the agreement signed Wednesday, some 105 million barrels of crude will be produced over a 10-year span in oil fields in Aban and West Paidar in the southwest near the border with Iraq.
The consortium includes the Russian state-controlled Zarubezhneft Oil Co. and the Iranian private Dana Energy Co.
This is the second energy contract with foreign companies following the landmark 2015 nuclear deal with world powers.
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