Money News

Russia's Rosneft, Iran's NIOC eye $30 billion in oil and gas projects

A logo of Russian state oil firm Rosneft is seen at its office in Moscow, October 18, 2012. REUTERS/Maxim Shemetov/File Photo

TEHRAN (Reuters) - Russian oil producer Rosneft and the National Iranian Oil Company have signed a road map on the implementation of “strategic” projects in Iran with total investments worth up to $30 billion, Rosneft head Igor Sechin said on Wednesday.

He said the deal paved the way for legally-binding documents to be signed within a year. Output from the joint project is seen plateauing at 55 million tonnes per year (1.1 million barrels per day), he said.

It is not yet clear how the investments will be split between the two companies.

Reporting by Denis Pinchuk; writing by Vladimir Soldatkin; editing by Jack Stubbs