TEHRAN- National Iranian Oil Company (NIOC) and Russia’s Zarubezhneft signed a cooperation agreement according to which the Russian company will conduct studies on two Iranian oilfields, Shana reported on Tuesday.

The Russian oil firm is expected to put forward its suggestions about increasing recovery factor in Aban and Paydar Gharb oilfields Iran shares with Iraq after conducting its investigations.  

The deal was signed by managing Director of NIOC Ali Kardor and his counterpart in Zarubezhneft Sergey I. Kudryashov, who underlined expansion of relations in various domains, including swap and trade of oil and oil products in their meeting.

Russia's Energy Minister Alexander Novak said last October that Zarubezhneft will take up several projects worth a total of $6 billion in Iran's oil industry.
Novak said the Russian oil giant's participation in Iranian oil projects will be in line with a series of agreements that were reached with the country to expand mutual economic ties.

Zarubezhneft had earlier announced that it is willing to develop a major oilfield in western Iran which it said could be brought online with an investment of $2.2 billion. The company's officials had announced that the oil field they were targeting was Changuleh in the west.

HJ/MA