Iran has finalized four agreements worth a total investment of $4 billion with Russian companies to develop seven oil fields, Oil Minister Mohsen Paknejad said, APA reports, citing Iran International.
During his visit to Moscow for the 18th session of the Iran-Russia Joint Economic Commission, Paknejad said on Thursday that the deals form part of broader efforts to expand strategic cooperation across sectors, including energy, finance, and agriculture.
“The potential for trade between Iran and Russia is far greater than the current $5 billion level,” he said, adding that additional memoranda of understanding are under negotiation in the oil and gas sectors. “Expert groups are actively working to finalize these talks and turn them into binding contracts.”
Paknejad also said that discussions are underway on importing natural gas from Russia in an initial phase, followed by gas swaps and transit to other countries. “This is one of the key areas of interest for both sides,” he said. “We have had detailed negotiations, and only a few items remain before finalizing the first-phase import volumes.”
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