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Sunday, February 24, 2008       Free Headline Alerts

Russia's Gazprom signs agreement to develop Iran's huge South Pars field

MOSCOW — Iran and Russia have signed a major energy deal.

Russia's state-owned Gazprom reported an agreement to explore and develop energy reserves in Iran. Gazprom said it would work with Iranian companies to develop the South Pars field, regarded as the largest reserves of natural gas.

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"The two sides agreed on the joint participation in the development of two or three blocs in the South Pars field as well as on the participation by GazpromNeft in an oil production project in Iran," Gazprom said on Feb. 20.

Officials said the agreement was signed by Iranian Oil Minister Gholam Hossein Nozari and Gazprom director Alexei Miller, Middle East Newsline reported. They said Gazprom has been negotiating for major energy projects in Iran amid pressure from the United States.

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