Iran signs $740 million agreement with Russian-Iranian consortium to develop oil fields

Iran’s state-run oil company has signed a $740 million agreement with a Russian-Iranian consortium to develop two oil fields near the Iraqi border.

Under the agreement signed Wednesday, some 105 million barrels of crude will be produced over a 10-year span in oil fields in Aban and West Paidar in the southwest near the border with Iraq.

The consortium includes the Russian state-controlled Zarubezhneft Oil Co. and the Iranian private Dana Energy Co.

This is the second energy contract with foreign companies following the landmark 2015 nuclear deal with world powers.

Last year Iran signed a $5 billion agreement with France’s Total SA and a Chinese oil company to develop its massive offshore natural gas field.

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