NIOC signs $615m Deal with Tubacex

By John Lee.

The National Iranian Oil Company (NIOC) has signed Iran’s first oil contract of the post-sanctions era with an international consortium comprising Spain’s Tubacex and Iran’s Isfahan Steel Company [Foolad Isfahan Company].

Associated Press reports that the deal worth US$615 million, and says the Spanish-Iranian consortium will provide oil pipes for a network of 600 kilometers over three years.

The pipes will be produced using Japan’s JFE Steel Corporation technology, and the know-how will eventually be transferred to Iran.

(Sources: Associated Press, Shana)

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