Gazprom Neft and the National Iranian Oil Company to Sign Memorandum of Understanding

A Memorandum of Understanding has been signed between Gazprom Neft and the National Iranian Oil Company (NIOC).

The Memorandum reflects the intentions of the two companies to cooperate in the sphere of the Iranian Azar and Changuleh oil fields development. Following the technical and economic assessment by Gazprom Neft, the parties will proceed with negotiations on the development contract on the above oil fields.

Gazprom Neft Chairman of the Management Board Alexander Dyukov stated:

“We are interested in cooperation with the National Iranian Oil Company and consider the agreements achieved with the Iranian colleagues to possess high potential. Commencement of Gazprom Neft’s operations in Iran will represent a significant step forward towards strengthening of the Company’s position in the international markets”.