Vietnam to invest in Iranian oilfield

VIETNAM: A Vietnamese company is to invest $1.2 billion in the development project of Darkhovin oilfield, says the Managing Director of Iran's Petroleum Engineering and Development Company.

Naji Sa'douni said Saturday that Petro Vietnam (Vietnam Oil and Gas Group) would sign a $1.2-billion contract to develop the third phase of Darkhovin oilfield, Mehr news agency reported.

"So far, negotiations have been carried out with five domestic and foreign firms for the contract. The contract for the phase three of the project will be ceded to a consortium consisting of some local companies and PetroVietnam within the next couple of months," he further explained.

The Iranian official added that the first two phases of the project are now operational and the oilfield produces 160,000 barrels of oil per day. Press TV