Iran's NIOC, Malaysia's Petronas to Ink MoU Tomorrow

Iran's NIOC, Malaysia's Petronas to Ink MoU Tomorrow

"A cooperation agreement will be inked in the current week between the largest Malaysian oil firm Petronas," Iranian Oil Minister Bijan Zangeneh told reporters on Tuesday.

Zangeneh said that Iran welcomes arrival of Malaysian firms, Petronas in particular, since they hold a long history of relations with the country’s oil industry.

Iran has already signed several agreements with France's Total, Britain's Royal Dutch Shell and Japan's Inpex Corporation to develop South Azadegan oilfield.

Moreover, NIOC will also sign another deal with the Malaysian side in order to perform studies to boost recovery factor in Cheshmeh Khosh field.

In recent months, NIOC has sealed several MoUs with Austria’s OMV and Gazprom of Russia to increase recovery factor of Cheshmeh Khosh in the west of Iran.

In relevant remarks in late October, Zangeneh said several Malaysian companies have voiced their willingness to invest in his country's energy projects.

"Iran welcomes Malaysian firms, including Petronas Company, which has had cooperation with Iran for many years," Zangeneh said in a meeting with Malaysian Minister for International Trade and Industry Mustapa Mohamed in Tehran.

The Iranian oil minister said that Petronas Company has operational teams in both upstream and downstream industries.

Also in September, Iranian Ambassador to Kuala Lumpur Marzieh Afkham underlined that Iran will facilitate investments by Malaysian investors.

"Iranian government has focused on encouraging joint venture investment with foreign partners," Afkham said.

The Iranian ambassador said that the Malaysian investors can benefit a lot from investment in Iran as the country is the second largest economy in the Middle East and North Africa.

She said that Iran has new programs on its agenda for foreign investors, specially the Malaysian businessmen, in the post-sanctions era.

Iran and Malaysia share cultural and social affinities. Their bilateral trade relations are also on the rise, with both cooperating on many regional and international fronts.

They are permanent members of the Organization of Islamic Cooperation (OIC) and the Non-Aligned Movement (NAM) and have used these forums and bilateral relations to develop more cordial and closer political ties.

Source:Fars