Source AP ©

Iran, Malaysia to develope gas fields, state-run television says

A 16 billion dollars (11 billion euros) agreement to develop two Iranian gas fields was signed by Iran and Malaysia, state-run television reported Wednesday.

According to the contract, signed by Iran's Pars Oil and Gas Company (POGC) and Malaysia's SKS Ventures on Wednesday, Iran’s Golshan and Ferdows gas fields will be developed.

Iran's Oil Minister, Gholam Hossein Nozari, said the deal was a vindication of his country's efforts to counter pressures to isolate Iran.

Iran ranks second in the world in natural gas reserves.

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