A report released by the Public Relations and International Affairs Department of Petropars Group reads, “In the sideline of the ceremony held for signing of the Letter of Understanding (LoU) for financing the Project for Development and Manufacture of Hybrid Automobiles, Engineer Zanganeh, the Petroleum Minister told reporters, “The Contract for Development of Phase 1 of Farzad B Field, which includes engineering, exploratory well and basic design, was duly approved and after its confirmation by the Board of Directors of the National Iranian Oil Company (NIOC), the Contract was signed and concluded with Petropars.”

The Petroleum Minister went on to add, “The Project for development of Farzad B will commence with an investment amount of USD 75 million utilizing the resources of the National Iranian Oil Company (NIOC). Subsequently, attempts will be made to acquire the approval of the Economy Council in conformity with Article 12 of the Law on Removal of Production Impediments, and to continue the Project within the Buyback or IPC scheme.”