TEHRAN — Head of the Majlis (Iranian Parliament) Energy Commission Kamal Daneshyar said here on Sunday Malaysia has shown interest in investing in Azadegan Oilfield development project.

After reducing Japan’s INPEX’s share in Azadegan project to 10 percent, a number of Iranian and foreign companies have voiced their readiness to invest in the project, Daneshyar told the Iranian Students News Agency (ISNA). In regard to Azadegan project, the most important issue is investment and the use of the modern technologies, the official stated. Therefore, he added, “Iran welcomes participation of the foreign companies on investment in the project.”

Being one of the world’s largest untapped oilfields, Azadegan is located in the southwestern province of Khuzestan. Iran signed a contract worth over $2 billion with Japan’s INPEX on the development of the field in 2004.

Since that year, the contract has yet to be implemented due to Tehran-Tokyo disputes over the project, in part due to Japanese company’s failure to complete mine-clearing operations.

Holding several rounds of negotiations over the issue, both sides agreed to reduce INPEX’s share to 10 percent, while the rest was decided to be offered to one of the subsidiaries of National Iranian Oil Company (NIOC).

NIOC managing director Manuchehr Nozari told reporters on November 1 that Azadegan tender documents are expected to be ready by mid-December.