IRNA � The Industrial Development and Renovation Organization of Iran (IDRO) and Russian Zarubezhneft signed the Susangard Oil Field Development Agreement.

A memorandum of understanding (MOU) was signed on the development of the Susangerd Oil Field between the Iranian Industrial Development and Renovation Organization and the Russian oil company Zarubezhneft, according to a Saturday report from IDRO.

The document was signed in the framework of the agreements on the development of the Susangerd Oil Field on February 12, during a ceremony attended by senior executives of the IDRO and the Russian oil company Zarubezhneft .

After the ceremony, CEO of IDRO Oil company Nasrallah Zarei said, �After signing an MOU on the development of Susangerd oil field with the Iranian National Oil Company (NIOC), and obtaining technical information, upstream field studies by experts of the company IDRO Oil and the company HOT ENG of Austria as a consultant in the preparation of MDP development of the field was on the agenda�.

According to the CEO of IDROIL, with the measures taken so far in relation to Susangerd oil field, it is expected that in early March, the technical proposal for the development of the field will be provided by the IDRO oil company to the National Iranian Oil Company (NIOC).

Engineer Zarei emphasized the necessity of attracting investors and selecting a reliable foreign partner. Over the past months, the company has negotiated with several companies with the necessary credentials in this area and the result of the initial negotiations leading to the conclusion of a memorandum of cooperation and partnership with the Russian oil company Zarubezhneft.