BAKU, Azerbaijan, February 18. Iran and Russia can create favorable conditions for long-term cooperation by implementing joint projects in the oil sector, Iran's Deputy Oil Minister, Head of the National Iranian Oil Company (NIOC) Hamid Bovard said in a meeting with Russian Deputy Energy Minister Roman Marshavin in Tehran, Trend reports.
He posits that enhancing collaborative synergies in the
exploration and extraction of hydrocarbon reserves in Iran and
Russia holds significant strategic value.
Bovard further articulated the necessity of fortifying Iran's
strategic partnership with Russia over the long haul.
In light of the strategic synergies, the Islamic Republic of Iran
and the Russian Federation can engage in multifaceted
collaborations within the oil sector, he elucidated.
During the convening, Marshavin articulated that the Russian
Federation is poised to embrace the enhancement of collaborative
synergies with the Islamic Republic of Iran.
"Russia supports the implementation of all projects with Iran," he added.
Additionally, Iran's total hydrocarbon reserves amount to 1.2 trillion barrels. With existing technology and equipment, Iran can extract 340 billion barrels, but it is only utilizing about 30 percent of its reserves, with 70 percent remaining untapped underground.
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