TEHRAN -- Iranian Offshore Oil Company (IOOC) and a Malaysian oil and gas company signed a memorandum of understanding in Kuala Lumpur on investment in Persian Gulf oil field’s development project.

Based on this MOU, in one or two months the contract will be finalized and immediately after that the development project of the Persian Gulf oil field will get started, IRINN reported on Friday.
“This huge project in addition to increasing Iran’s capability in oil production and strengthening Iran’s position in OPEC, will provide more than 2500 job opportunities in the region,” said deputy of IOOC while noting that the contract would be worth 1.5 billion dollars.
“After signing the contract between the two countries on developing Resalat oil field and since the executive operation of this giant project got started, Malaysian companies showed huge interest in investment in Iran’s other oil projects,” added Dr. Mohammad-Ali Qayyem.
Before this Iran’s Pars Oil and Gas Company and Malaysia’s SKS signed a $16 billion agreement to develop two Iranian gas fields