Russia’s OAO Tatneft (TATN) signed an accord valued at $1 billion with Iran to develop the Zagheh oil field in the Persian Gulf nation, where many energy projects face delays due to intensified sanctions by Western countries, Bloomberg reports.
A preliminary deal was signed in Tehran earlier today between Tatneft, which is based in Russia’s Tatarstan region, and Iran’s Petroleum and Engineering Development Co., the Iranian Oil Ministry said on its news website Shana today.
Russia, which has opposed the latest financial and energy sanctions on Iran, is helping restart the dormant Zagheh field and seeking more local ventures as western companies curb their investment in Iran, the second-largest oil producer in the Organization of Petroleum Exporting Countries after Saudi Arabia. Western countries have been increasing pressure on Iran over its controversial nuclear program.
A preliminary deal was signed in Tehran earlier today between Tatneft, which is based in Russia’s Tatarstan region, and Iran’s Petroleum and Engineering Development Co., the Iranian Oil Ministry said on its news website Shana today.
Russia, which has opposed the latest financial and energy sanctions on Iran, is helping restart the dormant Zagheh field and seeking more local ventures as western companies curb their investment in Iran, the second-largest oil producer in the Organization of Petroleum Exporting Countries after Saudi Arabia. Western countries have been increasing pressure on Iran over its controversial nuclear program.