Asia

Asia

Russia, Iran partner up to raise oil trades

18 October 2022 15:33 (UTC +04:00)

Iranian Oil Minister Javad Oji stated on Sunday that the nation has begun cooperating with some Russian firms for exchanging as well as trading petroleum outputs in the Caspian Sea area, APA's Tehran bureau reports.

Oji asserted that “We have started working with some Russian companies for exporting, bartering, and swapping oil products from the Caspian Sea region.”

As said by the minister, Iran has the amount to ship, barter, and trade 10 million tons of this kind of outputs with Russia.

He also declared that “Both Iran and Russia have very good capacities in the fields of oil, gas, and petrochemicals; Fortunately, during this period, we have signed deals worth nearly four billion dollars for developing fields and [deals worth] 40 billion dollars for the construction of gas export lines and LNG units.”