Iran and Spain signed memorandum of understanding (MoU) for cooperation in the field of oil and gas industries and technology transfer.
The deal was signed by Director General for Europe, America and Caspian Sea Department of Oil Ministry Hossein Esmaeili Shahmirzadi and Head of Spain Trade Delegation Maria Mercedes Monedero Higuero.
The MoU aims to encourage cooperation among companies in the up- and downstream fields. It also calls for supplying equipment accompanied with sharing knowhow, increase production from oilfields as well as cooperation in petrochemical and refinery sectors and sharing technical knowledge.
Deputy Oil Minister for International and Commercial affairs Amirhossein Zamani-Nia said in the meeting that although Iran has rich oil and gas reserves, exploitation is not at a desirable level.
He said that the current production capacities are around four million barrels of oil and 40 billion cubic meters of gas, which are not satisfactory.
Zamani-Nia cited the renovation of oil and gas industry infrastructures as an appropriate ground for participation of foreign firms and absorbing investors in this sector. He added that in the transfer of technology and rendering management services, Iran needs serious collaboration and cooperation of foreign partners like Spain.
At the meeting, a number of representatives from Spain Institute for Trade and Investment as well as senior representatives from Spain's companies in the fields of oil, gas, refinery, distribution and petrochemical industries exchanged views with Iranian counterparts.
