00:03 GMT +321 September 2019
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    Worker repairs a part of a unit of the Tehran oil refinery, in Tehran, Iran. (File)

    Iran Offering Russian Companies Service Contracts on Oil Production

    © AP Photo / Vahid Salemi
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    Iran offers service contracts on oil production in the country to Russian oil and gas companies, Russian Deputy Minister of Energy Kirill Molodtsov said Wednesday.

    MOSCOW (Sputnik) – Oil market turbulence caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016. Crude prices are currently fluctuating between $40 and $50 per barrel.

    "The Iranian side says at ministerial-level consultations that, for example, direct parameters on production-sharing agreement are a scheme which is very hard to implement. They say this scheme is impossible for them. They are offering service contracts," Molodtsov told reporters.

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