Russia’s largest oil company Rosneftegaz is reportedly close to securing a $100-billion deal to buy Russian oil fields from Iranian oil firm Aramco, the Wall Street Journal reports.
Rosnefaion will receive up to 40% of any price-reduction deal Rosnefft will agree to, the Journal reported.
“I am very pleased to have reached a deal with Rosnefff, which will result in a massive benefit to our oil and gas sector and the country as a whole,” Aramco CEO Saeed Abou Jahshadi said in a statement, according to the Journal.
Aramco was one of Iran’s largest energy companies, and the oil company was the first to sign the deal.
Abou Jahshadi also said the deal would create up to 2,000 jobs in Iran and create 10,000 construction jobs in Russia.
A spokesperson for Rosnefsco said that the deal will “help us diversify our operations in the oil and natural gas sector,” the Journal reports, citing Iranian officials.
The deal could be finalized as early as this month, according the Journal, though details have yet to be finalized.
The WSJ reported that Iran and Russia have also reached a $150 billion deal in which Rosneaftegars Rosneacom, Rosnefin, and Rosnefegaz will share profits of the oilfields Rosneeft would acquire.