TEHRAN - Russian companies are expected to invest over $50 billion in development of oil and gas fields in Iran, Tass reported quoting Russian presidential aide Yuri Ushakov as saying on Monday.

"Energy is the most promising sphere for cooperation between Russia and Iran. Leading Russian oil and gas companies, such as Gazprom, Gazprom Neft, Rosneft, Lukoil, Zarubezhneft and Tatneft are systemically working on development of fields in Iran. The expected amount of investments is over $50 billion," Ushakov said.

It was reported earlier that Gazprom, Rosneft, Lukoil, Gazprom Neft, Tatneft and Zarubezhneft signed memoranda of understanding with the National Iranian Oil Company (NIOC) from 2016 onward.

Some of them have already explored fields and submitted their development proposals to the oil ministry of Iran.

Iran is in final negotiations with two Russian companies on development of three oilfields in Iran, Amir-Hossein Zamaninia, the Iranian deputy oil minister for trade and international affairs, announced in early March.

The official said that conducting study on 11 Iranian oil and gas fields has been handed over to seven Russian companies; talks on three of them are in the final stages and may lead to signing development contract within the next few weeks, Shana news agency reported at the time.

EF/MA