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Iran signs MoU to build oil refinery in Indonesia

TEHRAN, May 14 (Mehr News Agency) - A peaceful solution to the West's disagreements with Iran's nuclear activities will result in the stability in the oil prices, noted on Sunday, Indonesia's Mines and Energy Minister, Purnomo Yusgiantoro.

"We think that the oil prices are still high, that is why we call for the reduction in the prices," he said adding, however, "we are fully aware of the fact that the prices are more influenced by the geopolitical issues rather than any other thing."

He maintained that if the current political tensions were resolved the oil prices would also decrease, the Persian service of Iranian Students News Agency ISNA quoted him as saying on Sunday.

Referring to the development of the cooperation between Iran and Indonesia on the energy sector he said, during the recent visit of the Iranian President Mahmud Ahmadinejad to Indonesia the two countries signed a memorandum of understanding (MoU) on Iran and Indonesia's joint investment aimed at building an oil refinery in Indonesia. According to him, the two countries have also agreed on the two nation's expansion of cooperation in the natural gas sector.

Iran signs oil exploration contract with Petronas

TEHRAN, May 15 (Mehr News Agency) - Iran signed on Monday a contract with the Malaysian Petronas Company on oil exploration project in Uzbekistan.

The country's first ever exploration project overseas consists of taking 2-D and 3-D seismological surveys in certain oil blocs in Uzbekistan, an official at the Iranian Oil Exploration Operation Company (IOEOC) told the Mehr News Agency on Monday.

The source who spoke on the condition of anonymity added that Petronas is the main contractor of the project that is due to be completed within the next ten months. He, however, did not mention the overall value of the contract.

Further in his remarks, the source pointed to Iran's participation in the oil exploration tenders in Syria and Iraq, noting, the results are yet to be declared.

The company has won an oil exploration tender in Nigeria, but the contract has not been inked due to the turmoil in the country, the source noted in conclusion.

... Payvand News - 5/16/06 ... --

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