Russia's Tatneft and Iran have signed a $1 billion preliminary deal to develop the Zagheh oil field, state TV reported Sunday, deepening Moscow's business links with Iran despite U.S. calls for further sanctions over Iran's nuclear program.
The Zagheh oil field, located outside the town of Deilam in south Iran on the shores of the Persian Gulf, contains an estimated 3 billion barrels of heavy crude oil.
Iran's state TV quoted Oil Minister Rostam Qasemi Sunday as saying that the field will produce 7,000 barrels per day of heavy crude in the first phase of its development within two years.
The Zagheh oil field, located outside the town of Deilam in south Iran on the shores of the Persian Gulf, contains an estimated 3 billion barrels of heavy crude oil.
Iran's state TV quoted Oil Minister Rostam Qasemi Sunday as saying that the field will produce 7,000 barrels per day of heavy crude in the first phase of its development within two years.
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