Oil Price reported the signing of a 20-year agreement between Russia and the Islamic Republic of Iran to operate and develop the Chalus gas field in Iranian waters in the Caspian Sea, adding that the agreement was finalized last week.
Russian and Chinese companies have the main share: the share of Russian companies in this contract is 40% and the Chinese companies and the National Caspian Oil Company are each declared 25%. Chalous gas field reserves are estimated to be equivalent to eleven phases of South Pars.
According to “Oil Price”, the Islamic Revolutionary Guards Corps. (IRGC), which is the Iranian side in this contract, has received a huge benefit in this contract, and its revenues from this gas field will be transferred to the two accounts of this military organization in Shanghai and Macau. Oil Price writes that one of the motives for the signing of this agreement by the regime of Iran and granting extraordinary concessions to Russia and China has been to gain their political support in the international arena.
According to Oil Price, Russia plans to generate $450 billion in revenue from the Chalous gas field over a 20-year period. However, with the discovery of this field, Iran has become the first holder of gas resources in the world.
However, another agreement with Russia barred Iran from exploiting its gas resources in the Caspian Sea in order to maintain its position as the first gas producer. As the reserves of the Chalous gas field appear to be much higher than initially estimated, financial institutions from Germany, Austria and Italy are expected to participate in financing it.
