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18 May, 2023 12:16

Tehran seeks energy partnership with Moscow

Russia and Iran have been forging stronger economic links amid Western sanctions
Tehran seeks energy partnership with Moscow

Iran wants to partner with Russia to develop new oil deposits in the country, the Iranian oil minister said on Wednesday.

As many as ten oil fields have recently been discovered in the Islamic Republic, and it wants Russian companies to take part in their development, in addition to existing joint projects, Javad Owji said during a meeting with Russia’s top energy diplomat.

Deputy Prime Minister Alexander Novak is in Iran this week to discuss energy cooperation between the two nations and to visit the Iran Oil Show, which is currently underway in the capital Tehran.

According to Novak, Russian oil companies are evaluating six oil fields in Iran, and Gazprom is considering the joint development of two gas fields. There are also plans for a natural gas liquefaction project and supplies to world markets, Novak said.

Overall, Gazprom and the Iranian government are discussing gas projects worth as much as $40 billion, according to Owiji.

“The oil and gas industry is a backbone for the economies of our countries. Strengthening bilateral cooperation in this area will undoubtedly increase the economic sustainability of Russia and Iran,” Novak said.

The two countries have been forging closer energy and trade ties recently as both have been targeted by Western sanctions.

For more stories on economy & finance visit RT's business section

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