Press TV quoted Iranian official as saying that Iran's Esfandiar oilfield is to be developed as soon as talks over a finance investment in the oilfield with Qatar's National Bank are finalized.

Mr Mahmoud Zirakchianzadeh head of Iranian Offshore Oil Company said that "A Malaysian contractor is to take hold of the project in the Persian Gulf.”

IOOC announced earlier in October that QNB is to invest EUR 400 million to finance the development of Iran's Esfandiar oilfield.

Mr Hossein Jafari head of financial office of IOOC said that “According to Iran's regulations related to finance contracts in the oil industry, 85% of primary investment in finance projects should be provided by the investors, but Qatar's National Bank is to provide 100% of the funding.”

Mr Gholam Hossein Nozari former oil minister of Iran said that total investment in Iran's oil projects has been USD 66 billion in the past 4 years. Many people did not believe this amount of investment could be made, but that investment has now turned into real operational projects.

(Sourced from Press TV)