Rosneft, NIOC ink oil & gas cooperation deal

National Iranian Oil Company
Illustration purpose only (Image courtesy of Rosneft)

Russia’s Rosneft has signed an agreement on strategic cooperation in the field of oil and gas with the National Iranian Oil Company. 

Under the agreement, the two companies will work on developing long-term and mutually beneficial cooperation in key areas of business, including exploration and production, field services, local application of technology, as well as training for personnel.

The parties have agreed upon the main principles of Rosneft’s participation in projects in the Islamic Republic of Iran and approved the path forward plan.

The deal was signed during the Russian president Putin’s visit to Iran.