The Oil Minister announced that one of the key areas of cooperation between Iran and Russia is the import of gas from Russia in the first phase, followed by gas trade through swap or transit to other countries.
Mohsen Paknejad emphasized that the current annual trade volume between Iran and Russia is around five billion dollars, but the potential for expansion is much greater. He stated that although the goal is to increase trade to ten billion dollars, the actual capacity goes well beyond this figure, and both sides are committed to elevating relations to a higher level through expert negotiations.
$4 Billion Oil and Gas Contracts with Russia
Paknejad noted that four contracts worth four billion dollars have been signed with Russian companies for the development of seven oil fields, along with several memorandums of understanding in oil and gas fields, which are under negotiation to become formal agreements.
Finalizing Negotiations for Russian Gas Swap via Iran
Regarding the transit of Russian gas, Paknejad said extensive negotiations have been held, with only a few issues remaining. Once the import volume is finalized, full details will be announced.
Transporting Russian Gas to Supply Northern Iran
Saeed Tavakkoli, CEO of the National Iranian Gas Company, explained that transferring Russian gas is a strategic move both to meet the energy needs of northern Iran and to turn the country into a regional gas hub.
He mentioned that negotiations and preliminary agreements have progressed positively, although detailed technical and economic assessments are still required.
Expanding Cooperation with the Eurasian Economic Union
Tavakkoli emphasized that working with Russia and Eurasian Economic Union (EAEU) members is crucial to achieving Iran’s goal of becoming a regional energy hub. He stressed that 73% of the world’s known gas reserves are located in Russia and its neighboring countries.
He also highlighted the importance of cooperation with western neighbors like Iraq, aiming to create a comprehensive and efficient regional gas network.
