http://news.monstersandcritics.com/business/news/article_1240154.php/Nigeria_Iran_sign_big_oil_deal

Nigeria, Iran sign big oil deal

Jan 5, 2007, 17:15 GMT

LAGOS, Nigeria (UPI) -- Nigeria and Iran have agreed to establish a 
multi-billion-dollar joint-venture oil company, several Nigerian oil 
industry officials said.

The unnamed venture would design, construct and install offshore oil 
platforms, the (Lagos) Vanguard reported.

'We seek to expand the operating environment,' Nigerian state petroleum 
Minister Edmund Daukoru said. 'You know it is very narrow and we just 
cannot leave it like that.'

The deal, whose specific value was not made public, followed months of 
negotiations, the newspaper said.

Both countries are members of the Organization of Petroleum Exporting 
Countries. OPEC generally encourages cooperation among its membership, 
the newspaper said.

Copyright 2007 by United Press International

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