The head of Russia’s state-controlled oil giant Rosneft said it has signed a road map with the National Iranian Oil Company (NIOC) to implement “strategic” projects in Iran.
Igor Sechin said on Wednesday that the deal paved the way for legally-binding documents to be signed within a year, according to Reuters.
The output from the joint projects, with total investments worth up to $30 billion, is seen plateauing at 55 million tons per year (1.1 million barrels per day), he added.
It is not yet clear how the investments will be split between the two companies.
(Source: Tasnim, under Creative Commons licence)