Economy of Resistance: Production and Job Creation
2017 18 August Fa

NIOC Seals Oilfield Study MoU with Iranian Firm

The National Iranian Oil Company (NIOC) has signed a memorandum of understanding (MoU) with Ghadir Investment Company (GIC) for carrying out studies over oil and gas fields in Iran.

Based on the deal, the latter with carrying out studies over Kisha, Sepehr, Jofeir and phase III of Darkhowin oil and gas fields.

The two companies signed the deal Wednesday morning.

Based on the document, GIC will have 6 months to hand in the result of its studies over the fields to NIOC.

NIOC has already signed similar documents with a number of other companies including Royal Dutch Shell for studying Kish gas field and Pasargad Gostaresh Energy Company for Jofeir and Sepehr oilfields.

The Managing director of Ghadir Investment Company (GIC) says his company is currently in talks with 12 international companies on cooperation in upstream oil projects.

Speaking during the signing ceremony of a memorandum of understanding (MoU) on Wednesday with the National Iranian Oil Company (NIOC) for carrying out studies over 4 oil and gas fields in Iran, Gholamreza Soleimani said GIC has $20b of registered cash in its deposits and has planned to invest €13b in upstream projects.

He said GIC is currently running 205 of petrochemical activities in Iran, saying one of the GIC petrochemical projects is Phase III of Pardis Petrochemical Project with an investment of IRR18,000 billion.

GIC projects supply 80% of Iran’s ammonia output which is unparalleled in Iran, he added.

GIC has formed joint ventures with leading international companies like Germany’s Linde Group and is about to launch a solar power plant in the central province of Isfahan, Soleimani said.

20 / 4 / 2017