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NISOC's Director for Technical Affairs Hamid Deris said his company has so far signed five memorandums of understanding (MoUs) with several companies to develop the field of which three have so far put forward their proposed development plans.

He said a master development plan is being drawn up based on the proposed plans submitted by candidate developers for the project.

NISOC and Zarubezhneft signed an MoU in July for the latter to implement the project to develop Iran's Shadegan Oilfield which is located in Khuzestan Province.

It was discovered in 1968 and the production began following the installation of production facilities in 1988. The field is 23km in length 6km in width and includes two Asmari and Bangestan reserves and currently has 20 active wells with oil production standing at about 69,000 barrels per day (11,000 m3/d).

JSC Zarubezhneft is a Russian state-controlled oil company based in Moscow that specializes in exploration, development and operation of oil and gas fields outside Russian territory. Sergey Kudryashov is the company's director general and Nikolay Tokarev is the chairman of the board.

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At least eight members of the EU maintained their rankings among the top 20 exporters of goods to Iran during the period.

Germany's exports to Iran registered a 20-percent growth year-on-year, according to the latest figures released by the Trade Promotion Organization of Iran.

Germany had a 5.5-percent share of Iran's overall imports in terms of value during the eight-month period. However the volume of its exports to Iran amounted to 529,000 tons which is 29 percent less year-on-year, indicating that the European country has exported more valuable goods to Iran during the period.

Besides Germany, Switzerland ($1.121 million, a 10-percent increase), France ($970 million, a 45-percent increase), Italy ($863 million, a 28 percent-increase), the Netherlands ($723 million, a 16-percent increase), the UK($585 million, a 61-percent increase), Belgium($377 million, an 82-percent increase) and Sweden($327 million, an 80-percent increase) were the European countries that ranked among the top exporters of goods to Iran in ‎the mentioned period.‎

EU exports to Iran plummeted to €7.3 billion in 2012, down from highs of €11.3 billion in 2006.

Under the sanctions, the Islamic Republic shifted its trade eastward and expanded economic ties with countries such as China and India as well as Turkey and the United Arab Emirates, which took the advantage of the sanctions, and acted as re‎exporting intermediary to Iran.

During the eight months to November 21, Iran purchased 61.3 percent of its imported goods from five countries — China, the UAE, South Korea, Turkey and Germany.

China was the main exporter of goods to Iran in the mentioned period. Its exports made up 24.5 percent of Iran's total imports in terms of value. During the eight-month period, Iran imported goods valued at $7.95 billion from China, indicating a 22-percent increase year-on-year.

Iran also imported goods worth $5.749 billion from the UAE (a 23-percent increase), accounting for 17.7 percent of Iran's total imports in terms of value.

Turkey exported goods worth $2.221 billion to Iran during the period which is 26 percent more year-on-year.

South Korea and India exported goods worth $2.162 billion and $1.547 billion to Iran, respectively.

Imports from India registered an increase of 18 percent, meanwhile South Korean exports to Iran did not register any change compared to the figures for the preceding year.

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