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Iran, Austria Ink Oil Deal.

TEHRAN (FNA)- The National Iranian Oil Company (NIOC) and Austria's OMV signed a cooperation pact to conduct joint oil exploration studies in Southwestern and Southern Iran.

The Austria's OMV is slated to help Iran's NIOC in examining of hydrocarbon force of salt domes in Zagros and Persian Gulf regions in Southwestern and Southern Iran.

NIOC's exploration director Saleh Hendi said that the oil deal is aimed at identifying the possible exploration targets in those regions while focusing on the functions of salt domes.

"The joint study will last two years and the Austrian side will pay for all expenses of the study," Hendi added.

OMV, an integrated international oil and gas company, is headquartered in the Austrian capital of Vienna.

In a relevant development in April, Iranian and Austrian private companies signed a cooperation deal worth over $2bln in Vienna.

The cooperation agreement included 8 documents in the fields of automobile, steel, medicine, and engineering services.

The documents were signed in the presence of Iran's Head of Chamber of Commerce Mohsen Jalalpour and Head of Austria's Federal Chamber of Commerce Christophe Leitl.

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Publication:FARS News Agency
Geographic Code:7IRAN
Date:May 5, 2016
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