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News > Iran

Iran and Russia Sign 10 Oil Cooperation Agreements

  • Oil machinery. May. 18, 2023.

    Oil machinery. May. 18, 2023. | Photo: Twitter/@larepublica_co

Published 18 May 2023

"...a substantial commitment to improving the economic cooperation between the two countries..."

On Wednesday, Iran and Russia signed ten documents for cooperation in the oil industry in the Iranian capital of Tehran, as stated by the Iranian Oil Ministry.


Iranian FM Lauds Progress in Tehran-IAEA Cooperation

Following a formal meeting between Javad Owji, Iran's Oil Minister, and Alexander Novak, the Deputy Prime Minister of Russia and co-chair of the Permanent Russian-Iranian Commission on Trade and Economic Cooperation, a series of agreements were signed. These deals signify a substantial commitment to improving the economic cooperation between the two countries.

According to the statement, there were a total of six Memorandums of Understanding (MoUs), two contracts, one agreement, and a roadmap pertaining to bilateral cooperation in the industries of technology transfer and oil recovery enhancement.

During a joint press conference, Owji expressed that Iran and Russia have substantial capacities in the sphere of energy and have established favorable MoUs and agreements to facilitate cooperation in the oil, gas, and petrochemical sectors within the last 2 years.

Owji also stated that Iran and Russia share a proximity in their perspectives and extend mutual support to each other within the framework of the Organization of the Petroleum Exporting Countries (OPEC) and its supplemental committee OPEC Plus.

Owji emphasized that the recently executed MoUs and contractual agreements will be implemented soon.

For his part, Novak expressed optimism and conviction that the volume of trade dealings between Russia and Iran will experience an upsurge in the foreseeable future, given the determination and cautiousness of their respective leaders.

Furthermore, he appended that bilateral discussions were conducted concerning the integration of banking systems and the utilization of their currencies in bilateral commercial processes between the two nations.

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