News Agency - Detail

Iran, Russia sign energy deals, vow to defy sanctions

Iran, Russia sign energy deals, vow to defy sanctions
(Thursday, May 18, 2023) 08:56

TEHRAN (NIPNA) -- Iran and Russia signed 10 agreements and memoranda of understanding on cooperation in the oil and gas sector on Wednesday, as the two countries seek to boost their trade ties and counter U.S. sanctions.

Iranian Minister of Petroleum Javad Owji and Russian Deputy Prime Minister Alexander Novak attended the signing ceremony in Tehran, where they also opened the 27th International Oil Exhibition, one of the largest in the Middle East.

More than 1,500 domestic and 200 foreign companies are participating in the event, which showcases Iran's capabilities in manufacturing equipment and tools for the oil and gas industry.

Owji said Iran and Russia had similar views in the OPEC+ coalition of oil producers and supported each other in stabilising the market. He also said they would soon agree on a price for oil exports from the region.

The two countries have been under U.S. sanctions that have hampered their economic activities and limited their access to international markets.

"We are both big countries in the region and both under sanctions. We both have good capacities that with mutual support we can make these sanctions ineffective," Owji said.

He said Iran and Russia had agreed to develop 10 oil and gas fields, some of which had already reached production stage. He also said they had signed a $40 billion deal with Gazprom, Russia's state-owned gas giant, which would be finalised in the coming months.

Owji further said Russia was interested in expanding its cooperation with Iran in various fields, including banking, trade, industry, customs, shipping, energy and railways.

He said they had discussed the Rasht-Astara railway project, which would connect Iran's northern city of Rasht to Azerbaijan's Astara on the Caspian Sea coast and link Iran to Russia via rail.

"We hope that in the 17th joint commission for economic cooperation between Iran and Russia, which will be held in Iran, the decisions and agreements that we have made in these two days will be finalised and implemented," Novak said.

Email is required
Characters left: 500
Comment is required