Iran to announce oil exploration bid
Fri, 23 Nov 2007 20:53:25


Iran says it plans to launch an international tender to invite bids for oil exploration in the Islamic republic's northeastern regions.

Oil exploration in Moghan, in Ardebil province, will revolutionize the region's economy, said Iran's Deputy Oil Minister Ali Kordan.

Feasibility studies have been completed at 17 exploration blocks and if foreign enterprises fail to take part in the project, domestic firms will be invited to implement it, he added.

Kordan made assurances that sufficient assets and expertise exist for drilling crude oil from the area.

He also announced plans to build a refinery and a petrochemical plant, once sufficient oil reserves are discovered in Moghan.


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