Iran, Belarus Sign Oil Contract

Iran and Belarus here Wednesday signed a new form of buy-back contract on development of ‘Jofeireh’ oil field in Iran’s oil-rich province of Khuzestan near the Iraqi borders. According to the agreement, signed in a ceremony attended by Iranian Oil Ministry caretaker Gholam Hossein Nozari and Belarus ambassador to Tehran, experts of National Iranian Oil Company, Iran’s Oil Engineering and Development Company and Belarus Oil Company would cooperate in a two-phased project to develop the ‘Jofeireh’ oil field 80 km southwest of the provincial capital city of Ahvaz.

The project, which is worth approximately USD 500 mln, would be implemented in line with Iran’s policy to increase exploitation of national oil resources.