BAKU, Azerbaijan, September 20. Iran's Dasht Azadegan Arvand Company will be established with an investment of $7 billion, said Fereidoon Kord Zanganeh, an official of National Iranian Oil Company (NIOC), Trend reports.
He added that 8 Iranian banks and 2 exploration and production companies participate in the establishment of this company.
According to Kord Zanganeh, the purpose of establishing this company is to develop the Iran-Iraq joint Azadegan oil field (called Majnon in Iraq).
The official also said that the National Iranian Oil Company intends to take steps within the framework of projects in the oil sector by presenting plans that can be invested and with the participation of insurance companies, and hopefully, a suitable road map will be obtained.
"The NIOC is interested in using the potential of the country's financial companies and businessmen in order to maintain and increase crude oil production," he pointed out.
Iran's Azadegan oil field is located 80 km southwest of Ahvaz city in the Khuzestan Province (southwestern Iran). It is estimated that the field contains about 32 billion barrels of oil. Current production from the field is 190,000 barrels per day. In Iran, this field is usually divided into two parts - North Azadegan and South Azadegan.
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