LOC21:11
18:11 GMT
TEHRAN, Aug 27 (KUNA) -- Iran and Russia signed a contract Saturday to build five offshore drilling rigs with a USD billion for oil and gas exploration in the Gulf waters, the official IRNA news agency reported.
The contract was signed by Ehsan Mousavi, Managing Director of Tasdid Offshore Development Company, and Alexander Ilyichev, CEO of Krasnye Barrikady of Russia.
Krasnye Barrikady will finance 85 percent of the contract, aimed at building the five offshore drilling rigs in the Khorramshahr port city in the next two years, said IRNA.
Iran has been signing economic, trade and energy agreements with foreign companies following the conclusion of last year's nuclear agreement with the P5+1 group, which consisted of the five UN Security Council (UNSC) permanent members plus Germany.
The nuclear agreement downgrades Iran's nuclear capabilities in exchange of easing of international sanctions against the Islamic Republic. (end)
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