Iran, Russia eye to expand cooperation in oil, gas sectors

Oil&Gas Materials 25 May 2022 17:02 (UTC +04:00)
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, May 25. Iran and Russia intend to develop cooperation in oil and gas sectors, Iranian Oil Minister Javad Owji said,Trend reports citing Shana News Agency.

He made the remark at the meeting on the development of economic ties between Iran and Russia with the participation of officials and businessmen of the two countries in Tehran on May 25, 2022.

In general, a number of agreements and memorandums of understanding have been signed between Iran and Russia in the oil and gas sectors, Owji said.

The minister added that another memorandum of understanding will be signed between Iran’s National Petrochemical Company and the Russian Chemists Union, as a result of which Iranian petrochemical products will be exported to Russia.

According to him, Iran has reached an agreement with Russia to provide $5 billion worth of loans to Iran in energy, agriculture and transport sectors. A part of the mentioned loans have already been allocated, and an agreement was reached today to allocate the rest.

Owji noted that the Iranian government is seeking to reach the value of trade turnover between Iran and Russia $40 billion a year.

The minister also pointed out that Iran and Russia have reached an agreement in the banking sector. Thus, the national currencies of both countries could be used in bilateral trade.


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