Iran and Ukraine to boost oil and gas cooperation

An Ukrainian expert at Ministry of Industries and Mines' office for international affairs told that Iran and Ukraine have signed a memorandum of understanding to establish a joint oil and gas company named Iruk. Jamshid Vahidi added that the joint venture aimed to promote joint investment and implementation of oil and gas project inside and outside Iran.
"Based on the memorandum, the Ukrainian company will cooperate with Iranian Oil Ministry as a joint venture and has been committed to transfer technology and engineering services," he said.

The official noted that the Ukrainian side must also supply needed materials and equipment that are lacking in Iran.
An Iranian company also signed an agreement with a Ukrainian firm on November 30, 2003 to produce oil and gas pipes.