Iran and Belarus have concluded their first petroleum buyback deal in Tehran despite the pressures exerted by the US on both countries.
According to the agreement signed between the National Iranian Oil Company (NIOC), the Belarusian Oil Company is authorized to explore the Juffair Oil Field, thus replacing Iran's former partner, India.
The news on the signed oil contract has been widely covered by various international and regional news agencies.
The project is expected to be implemented in two phases, the first, comprising of 8-10 oil rigs, is to yield 15,000 barrels of crude per day and the second, including six rigs, is projected to boost production to 25,000 bpd.
The project is scheduled to be commissioned in 24 months. The two phases are estimated to cost $250m and $200-250m respectively, which is to be divided equally between the Belarusian Oil Company and NIOC's subsidiary, PetroIran Development Company (PEDCO).