Gazprom Neft Mulling Iran Project

MOSCOW. June 20 (Interfax) – Gazprom Neft (RTS: SIBN) will decide whether to become involved in the development of a block of oil fields in Iran in the next six weeks, Alexander Dyukov, the Russian oil producer’s president, told reporters.

Gazprom Neft has obtained the terms of the projects and is looking at them now. “We’ll reach a decision in the next month or so,” Dyukov said.

A contract, if signed, would allow the Russian company to keep up to 60% of the oil produced and put reserves on its balance sheet.

“If we deem the project to be viable we’ll agree to the proposed terms,” Dyukov said. Gazprom Neft would be required to provide all the investment for the fields, he said.

A Gazprom Neft delegation planned to discuss oil projects with the Iranian authorities during a visit to Teheran on June 7-11. One of the aims of the visit was to discuss the prospects for operating at the North Azadegan field and some blocks put up for tender by Iran.

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