Russian firm seeks to conduct exploratory operations in Iran

Business Materials 23 September 2014 12:15 (UTC +04:00)

Tehran, Iran, Sept. 23

By Milad Fashtami - Trend:

A Russian firm has declared its readiness to conduct offshore and onshore exploratory operations in Iran.

Head of Exploration Department at the National Iranian Oil Company Hormoz Qalavand said that the Russian firm wants to start its activities once the sanctions imposed on Iran's oil sector are lifted, Iran's IRNA News Agency reported on September 23.

Iran and Russia plan to expand their oil and gas relations.

Russian Energy Minister Alexander Novak said on September 10 that investing in Iran's oil and gas sector is interesting for Russian companies. He said Moscow is ready to carry out 70 billion euros worth of projects in Iran.

He went on to note that the two countries' presidents will hold a meeting to discuss issues of mutual interest in near future.

"We have been informed that Iran plans to construct 20 new nuclear power plants," Novak said. "We seek to open a new chapter in bilateral cooperation."

Novak previously said that US-generated sanctions will not affect the two countries bilateral relations.

Iran and Russia signed a memorandum of understanding on September 9. The documents include bilateral cooperation in different fields such as industrial, mineral, trade, agricultural, tourism, technology, border issues, and energy.

The two sides also agreed to do their bank transactions by national currencies.

On August 5, Russia and Iran 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.