TEHRAN (Fars News Agency)- A major Turkish oil distributor says it has reached a joint venture deal to bid for oil and gas exploration contracts in Iran.
Turkey roiled US feathers last month when it signed bilateral agreements on exploration and pipelines with Iran. Iran has the second-largest gas reserves in the world, and Turkey is looking to position itself as a major hydrocarbons transporter, as well as meet growing energy demand.
Iranian Press TV reports the Ofisi Petrol Co. released a statement at the Istanbul Stock Exchange Thursday about its deal with Austria’s OMV and Iran’s PetroPars. Petrol Ofisi will have a 33 percent stake in the project.
Tehran is in desperate need to develop its massive but underutilized resources as the United States puts the squeeze on investment in Iran because of unsubstantiated allegations its nuclear program is headed to weapons, not just electricity generation.