ISOICO Managing Director Hamid Rezaian said the agreement will allow his company to take advantage of the Russian firm’s facilities to produce certain equipment.
“We are ready to provide ISOICO with the necessary equipment thanks to financial and insurance support of the Russian government,” Red Barricades CEO Alexander Ilyichev said.
The deal was signed earlier this month in Tehran where representatives of 80 leading Russian companies showcased their products in the biggest foreign display of the kind ever held in Iran.
Under the agreement, the two sides will jointly build rigs for exploration and production of hydrocarbons in the Persian Gulf waters.
“The construction cycle is planned not for one year, but for decades," Ilyichev has told Russian media.