TEHRAN – The Malaysian state-owned oil and gas company Petronas signed a memorandum of understanding (MOU) with the National Iranian Oil Company (NIOC) for conducting development studies on two Iranian oilfields.

The MOU was signed in Tehran on Wednesday by Gholamreza Manouchehri, the deputy managing director of NIOC for development and engineering affairs, and Mohd Anuar Taib, the executive vice president and chief executive officer of upstream at Petronas, Shana reported.

Based on the agreement, the development studies of South Azadegan and Cheshmeh-Khosh fields were awarded to the Malaysian company.

Petronas has a long history of cooperating with Iran’s oil sector and the company is already active in both upstream and downstream sectors of the Iranian oil industry.

Before the imposition of EU oil embargo on Iran in 2012, Malaysia imported 50,000-60,000 barrels of crude oil on a daily basis from Iran.

EF/MA