Iran, Indonesia Sign Energy Agreement

Iran and Indonesia have signed an agreement on cooperation in the areas of oil, gas and petrochemicals.

The agreement was reached between Director General for Asia and Pacific at the Iranian Ministry of Petroleum Marziyeh Riyahi and Indonesia's Director General for Oil and Gas at the Indonesian Ministry of Energy and Mineral Resources Wiratmaja Puja, state owned news agency Shana reported Saturday.

Iranian Minister of Petroleum Bijan Zangeneh said Iran is interested in cooperating with Indonesia in crude oil, gas condensate, and LNG export.

He said that Iran can also participate in construction of refineries in Indonesia in a way mutually attractive to both sides.

Iran and Indonesia have agreed to construct small-size refineries of 20,000 to 300,000 bpd capacity in Indonesia. The joint venture project is worth around $3 billion in which Iran has a 30 percent share.