1st oil pact with Russia generates $4b revenues: Minister

Iran Petroleum Minister made the remarks Wednesday in the signing ceremony of the contract signed between Iran and the Russian company.

This is the first time that a contract is signed between Iranian and Russian companies.

He went on to day that Iran took advantage of buying services from Russian oil firms.

A private company also participated in exploration and production phases of oilfield, Zangeneh said.

He also expressed the hope for paving the grounds for Iranian firms to have active participation.

JSC Zarubezhneft is a Russian state-controlled oil company based in Moscow that specializes in exploration, development and operation of oil and gas fields outside Russian territory.

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