Russian and Iranian shipyards sign agreement to build oil rigs

Iranian shipbuilder ISOICO and Russian yard Krasnye Barrikady have signed an agreement to jointly build rigs for oil and gas exploration and production in the Middle East Gulf waters, reports say.

ISOICO will produce certain equipment at Krasnye Barrikady’s facilities in the Astrakhan region of Russia, according to Iranian state media.

“We are ready to provide ISOICO with the necessary equipment thanks to financial and insurance support of the Russian government,” Alexander Ilyichev, CEO of Krasnye Barrikady, told Press TV.

“The construction cycle is planned not for one year, but for decades,” Ilyichev told Russian media.

The CEO added that Iran is also interested in ordering new oil tankers for operation in the Caspian Sea, which could possibly come from National Iranian Tanker Co (NITC). Last week, Ilyichev hinted the orders could run to “billions of dollars”.

Last month, ISOICO reportedly signed a preliminary agreement with South Korea’s Hyundai Heavy Industries and an MoU with Nordic Yards Wismar, Germany’s biggest shipbuilder, in the hope that shipbuilding partnerships can be commenced if or when international trade sanctions upon Iran are lifted.