Mehdi Bazargan told Petroenergy Information Network that the negotiations will lead to contract signing on July 1.

“The draft agreement intended by the National Iranian Oil Company on development of Jofair oil field has been submitted to Belarusneft Company,” he said.

The official stated that preliminary sessions on the contract have been held and the Belarusian company has been studying the text of the contract for the past few weeks.

“We have proposed to Belarusneft Company to finalized negotiations on developing Jofair oil field by the end of June, so that, the contract could be signed at the beginning of July. The company has accepted our proposal and we should wait and see what happens in practice,” he said.

Asked about Belarusneft’s investing partner, the official stated that after the contract for developing Jofair oil field is finalized, the company can introduce its partner for joint investment in the field and National Iranian Oil Company will investigate about the partner company.

Iran and Belarus signed an early agreement on developing Jofair oil field late last Iranian calendar year (ended March 20, 2007).

The minister of petroleum in his recent visit to Minsk, said, “Belarus is oil producers and was an energy heartland for the former Union of Soviet Socialist Republics. It seems that the country is capable of developing Iranian oil fields.”

Jofair oil field is predicted to produce a daily average of 30,000 barrels crude oil per day once its development is finished. Of course, accurate production figure over long run will depend on conditions of the field during production period.

Iranian president, Mahmoud Ahmadinejad, is to start his visit to Belarus as of tomorrow (May 21). During his visit, the president will talk to various Belarusian officials about mutual cooperation in various fields.