BAKU, Azerbaijan, January 18. The agreement between Iran and Russia regulating the oil sector is at the final stage, Iranian Oil Minister Mohsen Paknejad told reporters, Trend reports.
According to him, detailed discussions in the oil sector have been held between Iranian and Russian officials over the past few months. Final work on the agreement is currently underway between the two countries.
Paknejad noted that Russian companies are currently implementing projects worth $7.5 billion in Iran's several oil and gas fields as part of the contracts. These projects have made significant progress and created conditions for Iranian and Russian companies to cooperate in supplying oil equipment and products.
“The yield from Iran's oil sector investments is at a remarkable level. However, the implementation of these opportunities depends on the participation of banks and financial markets. Russian companies can utilize these opportunities to play an active role in supplying Iranian oil projects and equipment,” he noted.
To note, Iran and Russia recently signed a comprehensive 47-point strategic partnership agreement on January 17.