The memorandum of understanding, signed between the Iranian Offshore Oil Company (IOOC) and its Malaysian partner in
The joint project to develop an Iranian oilfield is part of a Tehran-Kuala Lumpur bid to expand cooperation in oil and natural gas sectors, Ghayem, director of the IOOC Engineering, Procurements, Construction and Project Execution, was quoted by IRNA as saying.
Ghayem did not name the oilfield. However, the field is located in southern Bushehr province in the
The contract will be finalized next month and its implementation phase will begin next year, he added.
Implementation of the project adds to the country's energy capabilities and creating 500 permanent jobs and 2,000 temporary jobs, the official concluded.