Ghadir Investment Company, a major Iranian conglomerate, signed a trilateral memorandum of understanding on joint investments in oil and gas field development projects with Russia’s state-owned oil firm Zarubezhneft and Turkey’s Unit International in Moscow on Tuesday.
According to Mehr News Agency, the parties are expected to set up joint ventures to finance projects both inside and outside Iran.
The companies will invest equally in new ventures with Ghadir that will operate as the head of the consortium. As per the agreement, an economic-technical committee will be established to expand hydrocarbon reserves, the news outlet reported.
The agreement is seen as an important step in energy collaboration with foreign companies, as it marks the first trilateral partnership agreement between Iran and international firms.
The Iranian conglomerate had previously signed an agreement with the National Iranian Oil Company to study Kish Gas Field in the Persian Gulf as well as Sepehr, Jofeyr and Darkhovein oilfields in southern Khuzestan Province. It also aims to study the Darkhovein Oilfield and develop its third production phase.
Ghadir is the largest investment company listed on Tehran Stock Exchange which, through its seven holdings and 140 subsidiaries, operates in sectors such as oil, gas, petrochemical, building construction, mines and related industries, power and energy, financial and commercial activities as well as information technology.
Zarubezhneft and Unit International have made inroads in Iran’s energy market since the lifting of sanctions last year.
The Russian firm signed a memorandum of understanding in July with NIOC to conduct technical surveys on two oilfields in the southern oil-rich province of Khuzestan.
The Moscow-based oil enterprise, which specializes in exploration, development and operation of oil and gas fields, will conduct technical surveys on Shadegan and Rag Sefid oilfields near Ahvaz and will submit its proposal to enhance oil recovery in the fields in nine months.
Founded in 1967, Zarubezhneft’s activities include the design, construction and operation of oil refineries as well as testing and export of know-how for oil recovery enhancement.
Zarubezhneft is also in talks with NISOC to determine ways of raising production from Aban and West Paydar oilfields shared with Iraq in four to six months.
Unit International signed a $4.2-billion deal with Iran’s Energy Ministry in June to build seven gas power plants in seven regions in Iran.
According to Bloomberg, the Turkish power major owns and develops power generation assets in Turkey, East Europe and the Middle East. It engages in engineering, procurement and construction projects for hydroelectric, natural gas, wind and biomass power plants.
Following the removal of international sanctions, Turkish firms have shown strong interest in Iran’s water and power projects. Unit International built five large power plants in Iran during the 1980-88 Iran-Iraq war.