WPB: Energy collaboration between Iran and Russia has expanded, with Russian firms signing agreements to develop Iranian oilfields and both sides engaging in discussions to establish a natural gas hub within the Islamic Republic.
Iran’s Oil Minister, Mohsen Paknejad, traveled to Moscow, where the two nations — both subject to U.S. sanctions — reaffirmed their commitment to deepening cooperation.
Earlier, Tehran and Moscow concluded a Comprehensive Strategic Partnership Agreement, which outlines various areas of collaboration, including a focus on energy supply and swap operations.
Energy relations between Iran and Russia have been steadily growing, a trend that accelerated after Russia’s traditional oil and gas markets were disrupted due to the conflict in Ukraine.
During the visit, four agreements were finalized with Russian companies for the development of seven oilfields in Iran, representing a total investment of around $4 billion, according to Iranian media citing Paknejad.
Several memorandums of understanding (MoUs) in the oil and gas sector were also signed, with negotiations ongoing to convert them into formal contracts.
In parallel, the two sides are discussing the potential import of natural gas from Russia, which could pave the way for gas swap deals and transit operations to third countries.
Iran and Russia are also pursuing efforts to double their annual bilateral trade volume to $10 billion. Paknejad noted that the trade potential between the two countries far exceeds the current $5 billion level.
By Bitumenmag
Energy, Oil, Bitumen
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