Iranian oil company, Gazprom sign memo of cooperation

Iran's National Oil Company (NIOC) and Gazprom have signed a memo of strategic cooperation envisaging a multi-billion investment in Iran's producing sector, Report informs, citing Tasnim.

NIOC CEO Mohsen Khojasteh Mehr told the agency that the parties had agreed to develop the North Pars gas fields and sites at the field near Kish Island, in which the Russian side would invest $10 billion.

"This memorandum will lead to the largest foreign investment in the history of Iran's oil industry. It will attract several tens of billions of dollars from Russia to Iran's oil and gas fields," he said.