Ukraine to Invest $1 Billion to Develop Three Iranian Oil Fields

December 26, 2011
A Ukrainian company will invest 1 billion U.S. dollars to develop three Iranian oil fields, the local satellite Press TV reported on Sunday.

Iran's Petroleum Engineering and Development Company (PEDC) and Ukraine's Inter Naft Gas Prom Pars will sign the contract by the end of the current Iranian year (March 20), said the report.

Under the comprehensive development plan of the three oil fields, Koohmond, Boushkan and Kouhkali, 10,000 to 12,000 barrels of oil are expected to be produced per day in the first phase, and about 25,000 barrels per day in the second phase, according to the report.

On Dec. 18, Iranian media reported that it signed an oil contract worth one billion U.S. dollars with the Russian Tatarstan republic's Tatneft Oil Company on development of Zagheh oil field in southern Iran. But Tatneft Oil Company denied such reports two days later.

Iran is under Western sanctions that affect the international investments in its oil and gas projects over its controversial nuclear program which the West claims to aim at military purposes. But the Iranian government strongly rejects such allegations.

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