Iran’s NIOC, Russia’s Lukoil Sign Major Oil Deals

"At the beginning of the visit of Iranian Oil Minister Bijan Zanganeh to Russia, a Memorandum of Understanding was signed between the National Iranian Oil Company (NIOC) and Lukoil," the source told Sputnik on Tuesday, without disclosing details of the agreement.

The Iranian minister flew to Moscow on Tuesday to attend the 19th Ministerial Meeting of the Gas Exporting Countries Forum (GECF).

The second MoU was inked between Lukoil and KEPCO (Khazar Exploration and Production Company), which is a subsidiary of the NIOC, the source added.

The documents were signed following several months of negotiations on conducting geological exploration in the southern part of the Caspian Sea region, according to the report.

They were signed on the sidelines of the summit with Mohsen Delaviz, the head of KEPCO, and Vagit Yusufovich Alekperov, the director of Lukoil, also in attendance.

GECF is an international governmental organization which provides the framework for exchanging experience and information among member countries.

Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, United Arab Emirates, Venezuela. Azerbaijan, Iraq, Kazakhstan, the Netherlands, and Norway are member states of the forum.

Oman and Peru have the status of observer members.