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Iranian Upstream Exploration Firm Seeking Russian, Chinese Investments

Iranian Upstream Exploration Firm Seeking Russian, Chinese InvestmentsIranian Upstream Exploration Firm Seeking Russian, Chinese Investments

The Global Petro Tech Kish Company is holding talks with unnamed Russian and Chinese companies on project financing, the Iranian company’s managing director said.

“We are currently in talks with our Russian and Chinese partners on financing projects under two-year differed payment contracts,” Ahmad Qalebani was also quoted as saying by Shana.

Differed payment is a loan arrangement whereby the borrower is allowed to start making payments at some specified time in the future.

Qalebani noted that his company has made good progress in talks held with a European investor on the development of Sumar Oilfield in the western Kermanshah Province.

After becoming  an exploration and production enterprise, the company has established subsidiaries, such as Asr Kish Drilling Company, Sarvak Kish Drilling and Engineering Services Company as well as Persia Kala Maintenance and Services Company.

The official said structural changes have been made in the company in the past fiscal year (ended March 20, 2018), based on which operational activities were handed over to Asr Kish Drilling Company.

According to Qalebani, the company is also in talks with the state-owned National Iranian Oil Company on the development of Esfandiar, Changouleh and Sumar oilfields in cooperation with foreign partners.

He noted that the Kish-based firm is awaiting NIOC’s surveys and proposals regarding the oilfields.

Stressing the clause in the new contractual framework of oil deals, dubbed Iran Petroleum Contract, for using domestic companies’ potentials by foreign giants, Qalebani said, “We hope the abilities developed in the private sector during years of sanctions would be utilized under the new contracts.”  

Gholamreza Manouchehri, deputy for development and engineering at NIOC, said on Monday the company is planning to sign seven agreements on development of oilfields within the framework of IPC with a total value of $40 billion by mid-October.

Three IPCs have so far been signed on development of five oilfields. The first was concluded with the French energy giant Total in July 2017 to develop Phase 11 of the South Pars Gas Field in the Persian Gulf.

 

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