Iran, Russia near final agreement on gas swaps, acting oil minister says
Iran and Russia are nearing a final agreement on gas swaps, while Tehran plans to pursue broader cooperation with members of the Gas Exporting Countries Forum (GECF), including the creation of a common gas market and the protection of energy infrastructure during conflicts, Iran’s acting oil minister said.
Hamid Bovard arrived in Moscow on Sunday to attend the GECF’s 28th ministerial meeting and accompany President Masoud Pezeshkian at the forum’s eighth summit of heads of state. He was welcomed at Sheremetyevo Airport by Iran’s ambassador to Russia, Kazem Jalali, and officials from Russia’s Energy Ministry, ISNA reported.
“We will announce our positions at the summit and hold bilateral meetings with relevant ministers,” Bovard said ahead of the meetings, adding that Tehran would also discuss bilateral cooperation.
He said discussions would cover the protection of energy infrastructure during wars, gas exchanges between countries, the establishment of a common gas market and the adoption of coordinated policies on global gas exports.
Gas swap deal
Bovard said Iran maintained good relations with Russian energy companies, had contracts with them for the development of oil and gas fields, and was in talks with Moscow on gas swaps.
In a separate interview, Bovard said Iran, as a founding member of the GECF, would discuss production plans and energy-sector partnerships with other member states. He added that Tehran would also state its position on US crimes and the bombing of Iranian infrastructure.
Iran has remained on a war footing since a US-Israeli coalition launched attacks in late February, particularly targeting civilians and infrastructure during a 40-day conflict.
He also said Iran and Russia had reached broad agreements on gas exchanges during an earlier meeting between their presidents, and technical work on implementation was now underway, with the agreement nearly finalized.
Tehran aims to expand economic cooperation with Moscow, particularly in the oil and gas sectors, he added.
Under a 30-year agreement signed by the National Iranian Gas Company (NIGC) and Russia’s Gazprom in 2024, Iran is expected to receive up to 55 billion cubic meters of gas annually through a planned pipeline that Russia intends to build across the Caspian Sea.
Iranian officials have said the supplies would help address domestic gas shortages, support sustainable growth in export capacity and strengthen the country’s position as a regional gas hub.
Iran holds the world’s second-largest natural gas reserves after Russia, estimated at about 34 trillion cubic meters.