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Monday, October 20, 2008

Tatneft and Iran's NIOC reach deal

RBC, 20.10.2008, Kazan 13:59:35.Tatneft has signed a memorandum of understanding with the National Iranian Oil Company (NIOC) and the Mostazafan foundation, the Tatarstan government's press office reported, citing a document signed at a meeting between the republic's Prime Minister Rustam Minnikhanov and Iranian Deputy Petroleum Minister and NIOC Managing Director Seifollah Jashnsaz. The memorandum is expected to enable Tatneft to expand its operations to Iran's oil market. As reported earlier, Russia and Iran announced in late 2007 that they were stepping up cooperation in fuel and energy. Following the fourth meeting of the permanent Russian-Iranian trade and economic cooperation commission's working group for energy, the sides welcomed the participation of Russian oil and gas companies Gazprom, Gazprom Neft, LUKoil, and Tatneft, among others, in the exploration, production, and processing of hydrocarbons, as well as the gas- and petrochemicals industry and construction of natural gas storage facilities on Iranian territory.

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