The Iranian Offshore Oil Co. is in talks with the Qatar National Bank for a EUR400 million financing to develop the Esfandiar oil field, Iranian media reported Tuesday.
The news comes despite pressure from the U.S. on its allies, which include Qatar, against foreign investment in the Iranian oil industry, amid tensions over the Islamic republic's nuclear program.
The Iranian Students News Agency quoted Iranian Offshore Oil Co.'s Chief Executive Mahmoud Zirakchianzadeh as saying that the offshore oil field is to be developed as soon as talks over the financing are completed.
"A Malaysian contractor currently has plans ready" to start the project, he said.
QNB, whose ownership is equally split between Qatar and private investors according to its Web site, is negotiating a financing of EUR400 million, for the oil field, state-run news agency Press TV reported on its Web site.
The Qatar National Bank "is to provide 100% of the funding," the head of the financial office at IOOC, Hossein Jafari, was quoted as saying.
The Esfandiar and Forouzan oil fields are shared by both Iran and Saudi Arabia but have so far been mainly exploited by Saudi Arabia, Press TV said.
The Qatar National Bank and the Iranian Offshore Oil Co. didn't return requests for comment.