TEHRAN, Nov. 23 (Mehr News Agency) — Golam-Reza Manuchehri, the managing director of Petropars Company told the Mehr News Agency that Iran will soon launch the construction operations of developing an oilfield in Venezuela.

He explained that three experts of the company will be dispatched next week to Venezuela to hold negotiations and finalize the contract on developing an oilfield in the Gulf of Venezuela.

The construction operation of the said oil project would be launched as soon as the contract is finalized, he added.

"This is the first oil project of Iran that is implemented 0abroad", he noted.

Manuchehri explained that the project values at $2 billion, whose capital is equally supplied by Iran and the client country.

He further explained that at the first stage, the studies are conducted in order to determine the existence of oil in the field. This is carried out by the Iranian and foreign consultants.

According to the news agency, the state-owned Petr?leos de Vene-zuela (PDVSA) — state-owned Venezuelan oil company — and Iranian Petropars Company have previously signed a pre-contract on development project in three regions of the Gulf of Venezuela, Mariscal offshore gas field, and an oilfield with 4 blocs early this Iranian year (started March 21, 2005). The pre-contract was to be finalized three months later.

Among the three projects, Petropars voiced its willingness to implement the project of Gulf of Venezuela.