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Iran Plans First Foreign Oil Pact Since Trump Left Nuclear Deal

  • U.K.’s Pergas Resources to provide oil field services
  • No U.S. money, companies involved: Pergas CEO Clint Elgar
Crude Oil Shipments In The Persian Gulf
Photographer: Ali Mohammadi/Bloomberg

Iran plans to sign a $1.16 billion agreement with the U.K.’s Pergas Resources International Ltd. to work on a southern oil field, marking the Persian Gulf nation’s first energy venture with a foreign company since U.S. President Donald Trump ripped up the Iran nuclear deal.

London-based Pergas and state-run National Iranian South Oil Co. will sign a “heads of agreement” to develop the Karanj oil field in Khuzestan province, the National Iranian Oil Co. said. A ceremony is planned in Tehran on Wednesday evening, with Oil Minister Bijan Namdar Zanganeh scheduled to attend, it said. Pergas provides oil and procurement services in the oil and gas industries.