NIOC, LUKoil Discuss Development of 2 Oilfields

Ali Kardor, managing director of NIOC, and Vahid Ali Akbarov, head of Russia’s largest oil company LUKoil, discussed cooperation over development of the two Iranian oil fields at Kardor’s office in Tehran.

Earlier this year, the Russian company signed a confidential deal with NIOC for developing the two fields.

“LUKoil shall submit the result of its appraisal studies over the fields as soon as possible,” said Kardor in the meeting. 

Akabrov reiterated in the meeting his company’s seriousness to invest in Iran’s petroleum industry.

“Despite the vast potentialities of the two companies, they have not had very serious ties so far and we hope studies over these two fields will result in stronger bilateral relations between us,” the Russian oil official said in the meeting.

LUKoil is anticipating the finalized version of the new oil contract models that Iran is to offer its foreign partners, he added.