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The Qatar National Bank (QNB) has denied reports from Iran that that the company is to invest US$581.4 million developing the Esfandiar oil field.
Iranian news agency Shana has reported that the financial manager of the Iran Offshore Oil Company (IOOC), Hossien Jafari, said that QNB would be providing 100% of the cost. However, this was rebutted by a QNB statement yesterday.
“The bank is not aware of such a development, nor it is considering such an investment,” the statement said.
Iran is currently struggling to attract investment into the country’s hydrocarbons sector due to the current political climate and the threat of further UN sanctions regarding the country’s nuclear activities.
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