TEHRAN – Malaysian BIV has entered Iran’s oil and gas industry by signing a memorandum of understanding with the National Iranian Oil Company for conducting development studies on two Iranian gas fields.

According to a report by Shana, the MOU was signed in Tehran on Wednesday by Gholamreza Manouchehri, the deputy managing director of NIOC for development and engineering affairs, and Shamsul Azhar Abbas, the chairman of the board of the Malaysian BIV.

Based on the agreement, the development studies of Ferdowsi and Golshan fields were awarded to the Malaysian company and BIV is supposed to complete its studies and hand the results to NIOC within seven months.

Ferdowsi and Golshan are both oil and gas fields and NIOC intends to cooperate with BIV on the gas sector and the main purpose would be to transfer gas to the shore and convert it to Liquefied Natural Gas (LNG), according to Manouchehri.

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/MG