TEHRAN (FNA)- The National Iranian Oil Company and Russian gas producer Gazprom inked on Tuesday a memorandum of understanding (MoU) worth around $40 billion.
Iranian and Russian companies signed the biggest foreign investment agreement ever in Iran’s economy in Tehran on Tuesday.
Reputable Russian companies will make a 40-billion-dollar investment in the Iran’s oil industry, according to the agreement.
The deal was signed during an online ceremony by the CEOs of both companies on the day Russian President Vladimir Putin arrives in Tehran for a summit with his Iranian and Turkish counterparts, Seyed Ebrahim Rayeesi and Recep Tayyip Erdogan.
Gazprom will help NIOC in the development of the Kish and North Pars gas fields and also six oil fields, according to SHANA. Gazprom will also be involved in the completion of liquefied natural gas (LNG) projects and construction of gas export pipelines.
Russians have been implementing a four-billion-dollar investment project in Iran’s oil industry, while the figure is planned to reach ten times more after Tuesday's signing ceremony.
Iran sits on the world’s second-largest gas reserves after Russia.
The Producer Price Index for the industrial sector in the 12 months ending Dec. 21, 2017, which marks the end of fall, increased by 12.7% compared with the same period of last year, the Statistical Center of Iran reported. The sector’s PPI for the 12 months to Sept. 22, which marks the end of summer, increased by 10.2%.