Contract on development of joint Azadegan oil field to be signed soon
A contract on the integrated development of the joint Azadegan oil field will be signed within a month, said the National Iranian Oil Company (NIOC) director of investment and business development on Wednesday.
Fereydoun Kord-Zanganeh, who made the announcement at a meeting between NIOC and insurance companies, added that a memorandum of understanding (MoU) was signed, and Dasht Azadegan Arvand Company was set up with a $7-billion investment made by two Iranian exploration and production (E&P) companies and eight banks to implement the project, Shana reported.
Foreign investment in Iran’s projects has been limited due to sanctions in recent years, said the official, adding that NIOC has made every effort to carry out projects through utilizing domestic capacities.
A country’s economic development demands appropriate management of projects, he underscored.