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Iran to Sign $2 Billion Venezuela Oil Deal, Tehran Times Says

National Iranian Oil Co. and Petroleos de Venezuela SA plan to sign a $2 billion contract to develop the Dobokubi oil field in the Latin American nation, Tehran Times reported without citing anyone.

Iran’s Petropars Ltd. will finance 25 percent of the project on behalf of NIOC, according to the newspaper.

The Dobokubi oil field’s production capacity will increase to 40,000 barrels a day in the first phase of the development from 14,000 barrels, the Times said.

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