Iran, Russia, Turkey invest $7B in oil, gas projects

Iranian private company Ghadir Exploration and Production Company, Russian state company JSC Zarubezhneft and Turkish Unit International agreed to invest $7 billion into developing oil and natural gas fields, Unit International said on Tuesday.

The investment will be used to develop three oil fields with total estimated reserves of 10 billion barrels and 100,000 barrels of daily production capacity. In addition, the investment will cover one natural gas field with an annual production of 75 billion cubic meters in Iran.

Under the confidentiality agreement, it has not been disclosed what direct share from oil and gas sales each company will receive.

The companies signed an agreement to fund and develop oil and gas fields on Aug. 9.

Separately, Unit International will build four natural gas conversion plants in Iran with a total capacity of 5,000 megawatts.

By Zeynep Beyza Kilic


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