Iran National Oil Company Rejects Rumors of Rosneft Leaving

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The National Iranian Oil Company (NIOC) announced that no contract has been signed between Iran oil industry and Russian oil company Rosneft . therefore the rumors of Rosneft quitting the Iran oil industry has no justification. NIOC said in a statement. Trend reports via IRNA.

Russian business daily `Vedomosti` recently quoted three sources close to Rosneft’s top management that Russia’s largest oil producer has decided to halt projects in Iran. along with possibility of $30 billion worth of joint Russian-Iranian investments in oil and gas projects in Iran. due to US sanctions.

NIOC reacted to the rumors. saying the company has only signed a Memorandum of Understanding with Russia`s Rosneft and there was no contract between two parties.

`Due to high interest of foreign companies after the Joint Comprehensive Plan of Action. and in order to attract foreign investment and technology. the National Iranian Oil Company signed a Memorandum Of Understanding (MOU) with Rosneft for cooperation.` the NIOC stated.

`Iran signed some MOUs with foreign companies after implementation of the Joint Comprehensive Plan of Action. that would be transformed into a contract after legal procedures. However. the memorandum with Rosneft never reached the contract stage.` the company`s message said.

After implementation of the Joint Comprehensive Plan of Action. the Russian Gazprom. Rosneft . Lukoil. Zarubejneft and Tatneft companies have signed memorandums to join Iran oil projects.