TEHRAN – Russian oil company Zarubezhneft signed a memorandum of understanding (MOU) with Gostaresh Iranian Oil and Gas Industries Development Company (also known as IDRO Oil) for cooperation on the development of Sousangerd oil field in southwest Iran.

Based on the MOU, a joint technical committee will be formed and in case of reaching a final agreement, the two companies will proceed with the main contract with the National Iranian Oil Company (NIOC).

IDRO Oil is a subsidiary of the Industrial Development and Revolution Organization (IDRO) of Iran.

EF/MA