Iran, Russia to upgrade $40b MoU to contract: Oil Minister

Iranian Oil Minister Javad Owji revealed that the memorandum of understanding (MoU), valued at $40 billion, which was signed last year between Iran and the Russian Gazprom Company, will be made into a contract in the coming months.
Owji said that following his latest meeting with Deputy Prime Minister Alexander Novak in Tehran, the groundwork for the development of 10 oil and gas fields in Iran by the Russian Federation has been laid, according to IRNA.
In addition to signing a contract in the energy sector, the two countries also inked cooperation documents in the field of knowledge-based companies, customs, trade, and industries, the oil minister continued.
Speaking on the sidelines of the closing Business-to-Business (B2B) meeting on Thursday, Owji noted that the two countries enjoy a high potential in the oil and gas sectors, Tasnim news agency reported.
He added that following the high-profile meetings held between Iranian and Russian presidents, “good agreements were inked in the field of oil, gas, and petrochemical sectors aiming to promote bilateral ties”.
The minister stated that the inauguration of the 27th edition of Iran International Oil, Gas, Refining & Petrochemical Exhibition, dubbed “Iran Oil Show 2023,” which took place in the presence of Novak and Iranian First Vice President Mohammad Mokhber, was a significant event for further promoting bilateral ties in relevant fields.
More than 1,500 Iranian companies and over 200 foreign companies working in the oil and gas fields took part in this prestigious event, he said, adding that Russian oil and gas companies actively participated in this edition of the exhibition as well.
Iran and Russia are considered two major players in the region, Owji emphasized, adding that their cooperation can thwart sanctions imposed against the two countries.
Iran and Russia also inked a cooperation document on Wednesday in the presence of ‎Mokhber and Novak, SHANA reported.
During the ceremony, the Russian deputy prime minister referred to his visits to some industrial centers in Iran, saying Moscow is looking for new areas of economic cooperation with Tehran.

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