Special to WorldTribune.com

NICOSIA — Iran has awarded a $1 billion energy contract to Ukraine.

Officials said the Iranian Energy Ministry has approved the selection of
Ukraine’s Inter Neft Gas Prom Pars Co. for the development of three crude
oil fields. They said Inter Neft would be partnered with Iran’s Petroleum
Engineering and Development Co. and sign the contract by late March.

The oil fields were identified as Bushkan, Kouhkali and Kuhmond, meant
to produce up to 12,000 barrels per day of heavy crude during the initial
phase. Officials said production would increase to 25,000 barrels during the
second stage of development.

Ukraine has sought to replace Russia as a leading energy developer in
Iran. In October, Teheran replaced Russia’s Gazprom in the development
of the Azar oil field. Russia’s Tatneft, however, has signed a $1 billion
contract to develop the Zagheh field in southern Iran.

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