Iran, Russia sign Caspian Sea oil MoU

The Caspian Sea oil MoU was signed in a ceremony attended by visiting Petroleum Minister of Iran Bijan Zangeneh and the President of the Russian oil company 'Lukoil ' Vagit Alekperov.

The document aims at conducting exploration studies in the south part of the Caspian Sea, Managing Director of the Caspian Oil Company Mohsen Delaviz told the Islamic Republic News Agency.

During the meeting both sides stressed developing cooperation in different oil fields.

Alekperov emphasized both sides' interests in promoting oil cooperation.

Referring to the Gas Exporting Countries Forum (GECF) annual meeting which is slated to be held on Wednesday in Russia, Alekperov said Iran and Russia enjoy major status in the field.

Meanwhile, Zangeneh highlighted the importance of oil cooperation between Iran and Russia and said that GECF meeting plays an effective role in reinforcing bilateral cooperation.

Iran, Russia, Algeria, Bolivia, Egypt, Equatorial Guinea, Libya, Nigeria, Qatar, Trinidad and Tobago, Venezuela and UAE are the main members of the GECF.

Countries like the Netherlands, Norway, Iraq, Oman, Peru and Azerbaijan Republic are observer members of the forum.

Member states hold 70 percent of world gas reserves as well as 42 percent of gas production.

Translator: Ali Izadi

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