(MENAFN) Indonesia's Pertamina, the state-owned oil/gas firm, anticipates inking a major arrangement with Iran to evaluate investing in two oil and gas blocks throughout July, according to the latest reports.
This agreement would be Indonesia's first investment in Iran's upstream oil sector, plus Pertamina sealed a deal last month to buy 600,000 tons of LPG from National Iranian Oil Company (NIOC).
In detail, Pertamina prepares to sign a memorandum of understanding with state-owned NIOC to evaluate the two blocks and eventually import crude from the sites for processing in Indonesia if the bid is successful.
"Once the blocks are in full production, output could reach hundreds of thousands of barrels per day, but now they haven't met that number yet. They're not mature yet," said a top Indonesian official.
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