Tatneft to develop Iran oil field

20 December 2011: Iran has signed a deal worth up to $1bn (approx Rs.5,270 crore) with Russia’s Tatneft yesterday to develop an oil field, a rare example of new foreign investment into the oil and gas sector of a country under ever tighter economic sanctions.

The oil field will start production within 24 months and its full production will be in 54 months. The president of the southern Russian republic of Tatarstan, the home of Tatneft, in Tehran for the signing, also visited Iran’s giant South Pars gas field. Iran has been hit by international sanctions over its disputed nuclear programme, which the West suspects might be aimed at making bombs.

Source: Gulf Times