Baku, Azerbaijan, Dec. 7
By Dalga Khatinoglu – Trend:
The Iran-Russia joint energy committee will hold its first meeting in Tehran Dec. 12.
The meeting will be held as part of a two-day Russia-Iran economic committee meeting, SHANA reports.
Earlier, Iran’s Ambassador to Russia Mehdi Sanai said a 300-member Russian delegation, headed by Energy Minister Alexander Novak, will visit Tehran on Dec. 13.
During the visit, construction of four thermal power plants in Bandar Abbas worth 1.289 billion euros will be discussed as well.
SHANA reported that Iran-Russia annual trade plunged from $4 billion in 2011 to $1 billion in 2013 due to the sanctions on Iran, but rose to $1.7 billion in 2014. The report says the figure increased by 30 percent in 2015, and during 9 months of 2016, the trade turnover between Iran and Russia increased by 70 percent year-on-year.
Earlier, a 28-member delegation, including some Russian giants as Lukoil, Gazprom, Zarubezhneft, Tatneft and Stroy Trans Gas, visited Iran Nov. 17 to become familiar with the country’s newly designed contract model, called the Iran Petroleum Contract or IPC.
Iran has recently signed memorandums of understanding with Lukoil, Zarubezhneft and Tatneft, but no agreement has been sealed between Iran and Russian companies since the elimination of sanctions in January 2016.
Iran says it needs more than $130 billion worth of investment to develop about 50 oil and gas fields based on IPC.
Currently, Iran produces 3.7 million barrels per day (mb/d) of crude oil, more than 550,000 b/d of gas condensate and 750 million cubic meters per day (mcm/d) of gas.
The country plans to increase the oil production to above 5 mb/d by 2021 and its gas condensate and natural gas output are expected to reach 1 mb/d and 1.25 bcm/d in the next five years.