Wednesday Aug 23, 2017

PetroEnergy Information Network

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GIC Signs Agreement with Unit International, Zarubezhneft

(Tuesday, August 08, 2017) 18:11

TEHRAN, Aug. 08 (Shana) -- Iran's Ghadir Investment Company has signed a trilateral agreement with Russia's Zarubezhneft and Turkish energy company Unit International to finance oil and gas development projects.

Signed in Moscow on Monday, the deal concerns development of oil and gas projects in or outside of Iran.

Based on the agreement, the three companies will form joint ventures to finance oil and gas development projects.

Ghadir Exploration and Production Company will lead the consortium in which each member has equal shares for financing projects.

The agreement allows the three partners to join the oil and gas projects proposed by each one.

The companies have also agreed to carry out technical and economic activities over the projects together.

The deal is remarkable as it is the first such documents signed between and Iranian company and foreign partners.

GIC has been named as an eligible Iranian investment company for developing oil and gas projects.

The company has signed deals with the National Iranian Oil Company (NIOC) for carrying out feasibility studies over projects like phase III of Darkhowin oil project as well as Sepehr, Jofeir and Kish gas field.