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Iran, Russia plan to establish joint gas committee

14 July 2014 17:35 (UTC +04:00)

Baku-APA. Iran and Russia plan to enhance cooperation in the field of natural gas by establishing a joint committee, APA reports quoting Press TV.

The committee will oversee equipment provisions, technology transfer, participation in oil and gas projects in the form of finance, as well as plans for foreign investment, Managing Director of the NIGC Hamidreza Araqi said.

Iran's National Iranian Gas Company (NIGC) and Russia's Gazprom will also be a part of the joint committee.

"Iran and Russia share common interests as the world's gas giants and plan to increase their share of the international market, and as such, the two sides have agreed on the new cooperation plan," Araqi said.

Iran, one of the world's top gas reserve holders, sits on more than 33 trillion cubic meters of natural gas.