Russia, Iran, Turkey sign $ 7 billion oil deal

Turkish energy company Unit International reported earlier this week that it plans to invest USD 7 billion combined with Russia’s Zarubezhneft and Iran’s non-governmental firm Ghadir Investment Company to drill at three oil fields and one natural gas field in Iran, Oilprice.com reports.

Key Quotes via Oilprice.com:

“The three companies agreed to set up joint ventures to fund oil and gas development projects, with Ghadir Exploration and Production Company leading the consortium in which each company would have equal share of the financing.

According to Unit International, as cited by Reuters, the total reserves at the three oil fields are estimated at 10 billion barrels, and the fields would be able to pump 100,000 bpd.

The consortium could also drill at other fields in Iran, according to Unit International.”