Generalov and Iranian minister of oil sign MoU in the sphere of oil and gas.

May 06, 1999 02:00 AM

Russian minister of fuel and energy, Sergei Generalov, and Iranian minister of oil, Bidjan Namdar Zangene, have signed a memorandum on mutual understanding in the sphere of oil and gas. The parties have agreed that Russian joint-stock company Stroytransgaz will participate in the building of a pipeline Neka-Tegeran in Iran. Talks have been held about supplying Russian oil to oil refineries in Northern Iran on swap conditions. That means that Russian oil companies will supply crude oil and Iran will start exporting its oil from the Persian Gulf in amounts equal to the Russian supplies. From the Russian side such companies as LUKoil, Yukos, Sidanco are likely to participate in the project.

Source: A&G via Newspage
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