Iran, Russia to hold new round of economic talks

Business Materials 8 September 2014 12:25 (UTC +04:00)

Baku, Azerbaijan, Sept.8

By Fatih Karimov - Trend:

Iran and Russia will today start a new round of bilateral economic talks in Tehran.

During the two-day talks, the two sides will discuss bartering goods for petrochemical products and chemical catalysts, Iran's Mehr news agency reported on September 8.

Iranian Oil Minister Bijan Namdar Zanganeh said on September 6 that Iran sees no limits to expand economic ties with Russia.

"The two sides will explore ways to expand economic ties, particularly in agriculture, transportation, mining, energy, and technology transfer," the Shana news agency quoted Zanganeh as saying.

On August 5, Russia and Iran have signed a Memorandum of Understanding for a period of five years, signaling a sharp intensification in economic cooperation between the two countries. The document lays the foundation for a comprehensive multi-billion dollar deal for trade in the oil sector between the two nations.

At the time Russian Energy Ministry said that the memorandum provides for the expansion of trade and economic cooperation in the fields of construction and reconstruction of power generating capacity, the development of power grid infrastructure, the oil and gas sector, as well as the supply of machinery, equipment and consumer goods.

The ministry clarified that specific contracts within these areas will be discussed in Tehran on September 9-10 at the meeting of the Intergovernmental Commission of the Russian Federation and Iran.