Gazprom, Iran mull joint oil and gas projects

Iran Materials 27 June 2006 12:16 (UTC +04:00)

(RIA Novosti) - Gazprom (RTS:GAZP) and Iran have agreed to study the possibility of forming a joint enterprise to develop oil and gas deposits, the Russian energy giant said Monday.

Gazprom chief executive Alexei Miller and Iran's deputy oil minister, Nejad Hosseinian, met in the Russian capital to discuss cooperation in the oil and gas sphere, including joint prospecting and the development of new deposits, transportation and sales of natural gas, reports Trend.

"The sides agreed to study the possibility of establishing a joint Russian-Iranian enterprise to implement these projects," Gazprom said in a news release.

Speaking at a meeting with Russian President Vladimir Putin in Shanghai on June 15, Iranian President Mahmoud Ahmadinejad said Moscow and Tehran could could determine prices for natural gas together.

"We can closely cooperate from the standpoint of setting natural gas prices... in the interests of global stability," said Ahmadinejad, whose country has confirmed reserves of natural gas total 28 trillion cubic meters and produced 140 billion cubic meters of gas in 2005.