Azernews.Az

By Nigar Abbasova

Iran and Russia are currently in talks over the possibility of exclusive presentation of the Islamic Republic’s oil and gas contracts to Russian companies.

Russia’s Deputy Energy Minister Kirill Molodtsov said that the sides earlier agreed on the issue, mentioning that the talks are currently underway on defining the place and date of the presentation.

"We expect the agreements reached by heads of two ministries - of energy (of the Russian Federation) and Iran’s Petroleum Ministry - about a potential exclusive presentation of the current conditions and contracts, under which the Islamic Republic of Iran is planning to attract foreign companies and foreign investments in the projects on its soil, to be presented to Russian companies. Respective notes and respective documents have been sent and we’re expecting a response from the Iranian side about the date and location," he said.

Iranian Deputy Oil Minister Amir Hossein Zamaninia, in turn, said that Lukoil, Gazprom, Rosneft, Gazprom Neft, Zarubezhneft and Tatneft have already made preliminary agreements with Iranian companies.

Zamania earlier said that Iran intends to sign first contracts with Russian oil producers by the end of 2016.

Iran signed agreements on the exploration of fields with Russian Lukoil,Zarubezhneft, and Tatneft in the first half of 2016.

Iran, which needs foreign investment to develop its fields, has been trying to set favorable terms on oil development contracts to attract foreign investors deterred by years of sanctions.

The new type of oil contract will be presented to Russian companies on November 17 in Tehran, TASS reported.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

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