TEHRAN (IP) - The National Iranian Oil Company (NIOC) has announced that it will be entering into several oil contracts with Russia.

Iran PressIran news: During a press briefing on May 18, 2023, the Managing Director of NIOC, Mohsen Khojasteh-Mehr, provided journalists with an update on the oil industry.

Khojasteh-Mehr revealed that Iran and Russian companies are poised to sign seven oil contracts for fields such as Cheshme Khosh, Dalperi, Paydar Gharb, Shadgan, Aban, Paydar Sharq, and Kopal. The total value of the active contracts involving Russian companies in Iran's oil fields is estimated to be around $4 billion.

Moreover, Khojasteh-Mehr emphasized that Iran welcomes foreign companies to invest in its oil industry without any restrictions, and it remains open to collaboration with various nations. He emphasized the potential for Iran's oil industry to significantly contribute to economic growth by attracting an investment of $160 billion.

Foreign companies are actively seeking opportunities to expand their engagement in Iran's oil industry, fully recognizing the country's vast oil capabilities, according to Khojasteh-Mehr.


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