7 Oil, Gas Fields Development Projects Underway With $4.5b Russian Investment

Russian investors and companies have finalized a contract with Iran worth $4.5 billion for the development of seven oil and gas fields in Iran and some of the projects have registered 7 to 35% physical progress so far, the Oil Minister said.
Javad Owji, who was in Moscow to attend the 16th Iran-Russia Joint Economic Commission held November 1, also said that a downhole pump manufacturing plant would be built jointly by Russian and Iranian companies in the southwestern city of Ahvaz, the Oil Ministry’s news portal Shana reported him as saying.
Considered one of the outstanding projects developed by the two countries, “the plant will manufacture 150 downhole pumps every year. With their special technology, these pumps can increase the production of oil wells by two to three times,” he added.