National Iranian Oil Company (NIOC) and the Russian Zarubej Neft's have signed a Memorandum of Understanding (MOU) whereby the Russian side can carry out studies on two Iranian oil fields. The news was confirmed by NIOC Managing director, Ali Kardor. Zarubej Neft will also offer a proposal to increase oil recovery from two of Tehran’s oil fields, of which the names have not been disclosed due to disclosure restrictions on which the Mou is based. The two sides have also come to terms on a cooperation on various other aspects in the energy sector tied to the oil market. Iran has also agreen to provide crude oil to the Zarubej Neft oil refinery in Bosnia.