Iran, Belarus Joint Work in Southern Oilfield to Start Soon

TEHRAN (FNA)- Belarusian First Deputy Prime Minister Vladimir Semashko said on Tuesday that his country hopes that a joint Belarusian-Iranian project to develop an oil field in southern Iran would begin work in the near future.

In a meeting with vice-governor of the Central Bank of Iran (CBI) Reza Raei in the Belarusian capital of Minsk on Tuesday, Semashko underlined that the development of the Jofeir oil field was a strategic issue for Belarus.

Iran and Belarus signed a contract allowing Belarus' state-owned oil company Belarusneft to produce oil at the Jofeir deposit in Iran in the first half of 2007.

Located in Iran-Iraq border, Jofeir oilfield was expected to produce 30,000 barrels per day (bpd) of crude oil based on initial estimations.

During the meeting Raei said that the issue of the financing of the project had been 100 percent resolved and added, "The Central Bank of Iran will act as the source of financing."

Iran and Belarus are implementing joint ventures worth USD1.5 billion, officials announced during a session of the two countries' joint economic cooperation held in Minsk in February.

"Today the total cost of the projects makes up $1.5 billion. I am speaking about the projects which are currently underway," Belarusian Industry Minister and co-chairman of the commission Anatoly Rusetsky said at the time.

Iran Khodro Company (IKCO) - the largest carmaker in the Middle East, Central Asia, and North Africa - inaugurated the first phase of Samand in Belarus in July 2007.



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