Russia negotiates with Iran on power equipment and metallurgy products’ supply

Russia negotiates with Iran on power equipment and metallurgy products’ supply

Russia is holding negotiations with Iran on increasing the trade turnover between the two countries through cooperation in the sphere of energy, Russian Energy Minister Alexander Novak said in his interview with ITAR-TASS.

"In early 2013, Moscow hosted the tenth meeting of the intergovernmental commission.

Various options for increasing trade turnover between our countries, searching for a financial scheme that would allow our companies to supply various products to Iran - metallurgy, machinery, power equipment. In addition, we are talking about Russia's participation in the construction of power plants in Iran, participation in joint development of fields. We consider this in the context of increasing our trade turnover and the possibility of expanding the presence of our companies in the Iranian market," Novak said.

"This also gives opportunity to our companies to develop and to restore our trade at the level that it was before the imposition of sanctions. Therefore, this issue is topical now," the Russian energy minister said.

The minister also added that now there is a decrease in trade and economic turnover with Iran. It decreased by 31.5 percent, to $1.59 billion in 2013. The export of Russian goods decreased by about 38.6 percent and amounted to $1.16 billion. The reason is the tightening of the economic sanctions imposed by the U.S. and the EU in mid-2012. It is about the ban to import and trade the Iranian oil and petroleum products, as well as sanctions against Iran's financial sector.

ITAR-TASS earlier reported that, after the New Year holidays there was information that Russia is negotiating with Iran on the supply of Iranian oil to Asia-Pacific countries in exchange for goods. We are talking about large volumes - 20 million tons per year.

Translated by L.Z.

Edited by C.N.

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