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Monday, June 23, 2008

Top Russian firm to develop major oil site in Iran

MOSCOW — A leading Russian company is launching a major energy project in Iran and plans to expand its stake at the site.

Russia's Gazprom Neft intends to invest more than $100 million in a crude oil project in Iran.

In February 2008, Gazprom was awarded a project to develop oil and gas projects in Iran, Middle East Newsline reported.

Executives said Gazaprom Neft, the oil arm of gas monopoly Gazprom, would develop three oil and gas projects in Iran.

Also In This Edition

"We are to reply to Iran within six weeks on the geological data we received," Gazprom Neft president Alexander Dyukov said on June 20.

The company intends to expand its stake in the Northern Zadegan deposit in Iran, industry officials said.

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