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Iran, Russia's Tatneft Sign $1 Billion Accord to Develop Zagheh Oil Field - Bloomberg

Russia's OAO Tatneft (TATN) signed an accord valued at $1 billion with Iran to develop the Zagheh oil field in the Persian Gulf nation, where many energy projects face delays due to intensified sanctions by Western countries.

A preliminary deal was signed in Tehran earlier today between Tatneft, which is based in Russia's Tatarstan region, and Iran's Petroleum and Engineering Development Co., the Iranian Oil Ministry said on its news website Shana today.

Russia, which has opposed the latest financial and energy sanctions on Iran, is helping restart the dormant Zagheh field and seeking more local ventures as western companies curb their investment in Iran, the second-largest oil producer in the Organization of Petroleum Exporting Countries after Saudi Arabia. Western countries have been increasing pressure on Iran over its controversial nuclear program.

"If Iran is keen, Tatarstan is ready to increase cooperation in the oil and gas sectors," Tatneft Chairman and Tatarstan President Rustam Minnikhanov said in the Shana report. "The scope and diversity of Iran's gas and petrochemical projects is unbelievable."

The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt št gmail dotcom) on Sun Dec 18th, 2011 at 12:03:57 PM EST
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