Russian companies to invest USD 4.5 billion in Iranian oil and gas fields

Iranian Minister of Petroleum Javad Owji has stressed that the value of the Russian companies’ investments within the framework of a contract for developing 7 oil and gas fields in Iran has so far reached USD 4.5 billion.

According to Fars News Agency, Owji said, on the sidelines of the meetings of the Iranian-Russian Economic Committee, that “the rate of implementation in some of these projects has reached 35%”, pointing out that forming a joint plant to manufacture downhole well pumps between Russian companies and the Setad Farman Emam (the Executive Headquarters of Imam Khomeini’s Directives) in the southwestern city of Ahvaz, is considered as one of the most outstanding projects developed by the two countries.

He clarified that this plant will manufacture 150 downhole pumps every year and thanks to their special technology, these pumps can increase the production of oil wells by two to three times.

Hamda Mustafa