Iran-uk deal to develop oilfield

Iran has signed an agreement with a British consortium to develop an oil field in the country’s south.

The agreement is the first between Iran and a key Western ally of the US since Washington last week announced it will pull out of the 2015 nuclear deal between Tehran and Western powers.

Colin Rowley, the managing director of Pergas International Consortium, and Bijan Alipour, head of National Iranian South Oil Co, signed a preliminary deed in the presence of British ambassador Rob Macaire in Tehran.

If the agreement turns into a contract, the project will produce 200,000 barrels of crude oil per day.