National Iranian Oil Company (NIOC) and Russian Zarubej Neft on Tuesday signed a Memorandum of Understanding (MoU) for feasibility study on two joint fields west of Iran.

Managing Director of the National Iranian Oil Company Ali Kardor and Managing Director of Zarubej Neft Sergey I. Kudryashov were signatories to the agreement.

Based on the agreement, Zarubej Neft will launch feasibility study on two oil fields, namely Paydar Gharb and Aban, and offer its proposals on increasing the coefficient of oil recovery in the fields.

The two sides underlined expansion of relations in various domains, including oil and oil derivatives swap and trade.

Aban and Paydar Gharb are two joint fields shared with Iraq.