The Iranian Offshore Engineering and Construction Company (IOEC) has signed a number of letters of intent worth $400 million to $500 million with foreign financing firms for developing oil and gas fields, CEO of IOEC said on Wednesday.
Abol-Qasem Rahmani said: “Under new oil contracts, foreign companies have to establish partnership with Iranian companies in the development of oil and gas fields. Therefore, we announce our financial readiness for such cooperation.”
“To that effect, we have signed several MOUs valued at around $500 million with foreign financers,” he added. Rahmani said that IOEC had turned into an exploration and production (E&P) company in recent years.
He added that IOEC was in talks with three foreign companies with a view to reaching agreement on the development of three onshore oil and gas fields.
Rahmani said IOEC had constructed more than 350 kilometers of offshore pipeline last calendar year to March, adding that it was planning to complete the offshore section of pipelines in Phases 13, 14 and 23 of South Pars gas field.