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A memorandum of mutual understanding for strategic cooperation between Iranian and Russian state-owned oil and gas companies was signed today.
This agreement came within the framework of Russian President Vladimir Putin's visit to the Islamic Republic of Iran, where a trilateral Russia-Turkey-Iran meeting is being held.
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According to Russian gas company Gazprom, deputy head of the administrative committee Vitaly Markelov signed the agreement with the director of the National Iranian Oil Company (NIOC), Moshen Khojastehmehr.
Such an agreement seeks to establish cooperation strategies in developing Iranian oil and gas fields, outline commercial exchanges of products derived from both energy sources, and implement large and small-scale projects in liquefied natural gas.
The financial scope of the deal between the two nations is around 40 billion dollars and comes at a time when the world is under stress over rising energy prices, the Iranian news agency Shana said.
#Russia's Gazprom & Iran Sign Historic Energy Deal
— MOCez�������������������������������������������� (@Mousacisse1) July 19, 2022
Gazprom and the National Iranian Oil Company signed a memorandum of understanding worth around $40 billion on Tuesday, Iran’s oil ministry’s news agency reported. pic.twitter.com/4IpvgA0myu
Amid tough sanctions imposed by the West and its allies in Europe against Russia over its special military operation in Ukraine, the two nations further agreed to build gas distribution trunk lines and to cooperate in science and technology.
Being one of the world's most essential energy powers, Iran has forged strategic hydrocarbon ties with other countries such as Venezuela that are also a target of U.S. harassment.
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