Tehran, Iran, May 10
By Mehdi Sepahvand, Temkin Jafarov - Trend:
The Polish oil and natural gas company PGNiG (Polskie Górnictwo Naftowe i Gazownictwo) has signed an MoU with the Iran National Oil Company (NIOC) on joint work on an oil field in Lavan Island in Iran's territorial water in the Gulf.
The company signed an agreement this week with the Iranian Offshore Oil Company (IOOC) on the future cooperation, PGNiG Manager for Middle East Boguslaw Sozanski told Trend at the Iran Oil Show 2015 which was held May 6-9.
He further said that the company has considered an investment of $1 billion for the project, adding that the possibility to invest more is still being explored.
Sozanski further said that Iranian rival companies left the project after they could not come to terms with NIOC.
He said that his company, 75 percent of whose shares are held by the Polish government, started cooperation with Iran in 2007, but stopped the cooperation due to economic sanctions on Iran.
He further said that he had been in Iran one week earlier as member of a large Polish trade delegation to explore the Iranian market.
"I hope that the sanctions are removed since we are ready to start the projects immediately after," he stated.
Other Western companies attending the oil show have also expressed readiness for cooperation with Iran.
The sanctions are to be removed through a comprehensive nuclear deal with the group P5+1 (the US, UK, France, Russia, China, and Germany) which is scheduled to be reached by June 30.
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