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Tehran, Caracas to ink $2 billion oil deal soon

Source: Tehran Times

The National Iranian Oil Company (NIOC) and Venezuela's state-run oil company PDVSA will sign a deal, worth $2 billion, in the near future for developing a bloc of the Dobokubi oilfield in Venezuela.

Iran's Petropars, on behalf of the NIOC, will finance 26 percent of the project and PDVSA will be responsible for the other 74 percent. The Iranian side will invest $500-520 million in the project.

The two countries began discussions over developing the Dobokubi oilfield in 2006.

The oilfield's production capacity is projected to rise from 14,000 barrels per day (bpd) to 40,000 in the first phase and then to 60,000.

On April 30, Iran and Venezuela also signed an agreement valued at $130 million to build an oil-platform facility in the South American country.

Iran also signed a 211-million-euro deal with Venezuela in January 2007 to build four oil tankers for the country. The oil tankers will be delivered to Venezuela by May 2013.

"The project has so far progressed by around 45 percent," Sadra Shipbuilding Company managing director Mehdi Etesam announced recently.

Iran will deliver the first oil tanker, with the capacity of 113,000 tons, to Venezuela in September. The oil tanker is worth 52 million euros and is the first of its kind which is built in the Middle East.

... Payvand News - 05/30/12 ... --

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