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NIGC signs memo with Gazprom on Russian gas supplies
The MoU was signed on Wednesday during a visit by Gazprom’s head Alexei Miller to Iran at a ceremony attended by Iran’s Interim President Mohammad Mokhber, Reuters reported.
“A strategic memorandum has been signed with the National Iranian Gas Company (NIGC) on working out the organization of pipeline supplies of Russian natural gas to Iran,” said a statement by Gazprom.
“The parties proceed from developing long-term mutually beneficial cooperation going forward,” the company said.
Refereeing to the MoU, Oil Minister Javad Owji noted that Iran and Russia have together more than 60% of the world’s gas reserves.
“The signing of the memorandum will yield favorable changes in the energy balance in the region, while Iran will be fully ready to receive gas from Russia with its infrastructure and gas transmission lines,” added the minister.
The gas agreement between Iran and Russia will act as a revolution in the energy and industrial field of the region, Owji said.
Iran sits on the world’s second-largest gas reserves after Russia, and Moscow has long sought to make inroads into its natural gas business.
In July 2022 Gazprom signed an MoU on energy cooperation with the National Iranian Oil Company (NIOC) worth around $40 billion.
Under its terms Gazprom was supposed to help NIOC develop the Kish and North Pars gas fields and six oil fields, and to become involved in the completion of liquefied natural gas (LNG) projects and the construction of gas export pipelines.