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Iran, Russia, Turkey to Develop Joint Oil, Gas Projects

Companies in Iran, Russia and Turkey signed an agreement to fund and develop oil and gas fields, the Islamic Republic News Agency (IRNA) reported on Wednesday.

A private Iranian company, Ghadir Exploration and Production Company, Russian state-controlled oil company JSC Zarubezhneft and Turkish energy company, Unit International signed the cooperation agreement, according to IRNA's news story.

Under the agreement, all sides will invest in oil and gas exploratory and development plans.

Each company will allocate equal investment shares in the projects, with Iran's Ghadir leading the consortium.

Separately, Unit International had reached a $4.2 billion deal with Iran’s energy ministry to build seven natural gas power plants in Iran in June 2016. The plants will have a combined installed capacity of more than 6,000 megawatts.

In July, the National Iranian South Oil Company and JSC Zarubezhneft signed a memorandum of understanding to conduct technical surveys on two oilfields in the southern oil-rich Iranian province of Khuzestan.

(Anadolu Agency, August 10, 2017)

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