Oil & Gas

19 May 2023

Iran, Russia Sign 10 Oil Cooperation Deals

19 May 2023  by   

Iran and Russia on Wednesday signed 10 documents for cooperation in the oil industry in the Iranian capital Tehran, according to Shana News Agency affiliated to the Iranian Oil Ministry.

The deals were signed following a meeting between Iranian Oil Minister Javad Owji and Russian Deputy Prime Minister Alexander Novak, also the co-chairs of the Permanent Russian-Iranian Commission on Trade and Economic Cooperation.

The deals comprise six memorandums of understanding (MoUs), two contracts, one agreement and a roadmap related to bilateral cooperation in the fields of industry, transfer of technology and oil recovery enhancement, the report said.

Speaking at a joint press conference, the Iranian oil minister said Iran and Russia have considerable capabilities in the field of energy and have signed good MoUs and agreements for cooperation in the oil and gas and petrochemical industries over the past two years.

As two major countries in the region, Iran and Russia have close viewpoints and support one another in the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC Plus, Owji added.

He stressed the newly signed MoUs and contracts will soon be implemented.

For his part, Novak said he is confident that trade transactions between Russia and Iran will increase in the near future in light of their presidents' determination and discretion.

Moreover, he added that the two countries held negotiations on banking interactions and using their national currencies in the bilateral transactions.

Iran and Russia, both being under the sanctions imposed by the United States, have recently expanded bilateral political and economic relations to counter the U.S. moves.

Earlier on Wednesday, the two countries signed a contract to build a railway inside Iran to complete an international transport route linking South Asia to Northern Europe, the Iranian president's office said.

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