Iran and Russia renewed discussions on the joint-development of a number of new oil and gas fields during a meeting on 16 May between Iranian Oil Minister Javad Owji and Russian Deputy Prime Minister Alexander Novak in Tehran, following the latter’s arrival on a two-day visit to Iran.
During the meeting, the two sides “exchanged views on bilateral cooperation in the oil, gas, petrochemical, electricity, and nuclear energy fields,” according to Iranian news outlet SHANA.
Discussions also revolved specifically around joint Iranian-Russian development of “six oil and two gas fields.”
Russian energy firm Gazprom is particularly interested in jointly developing with Iran the Persian Gulf gas fields of Kish and North Pars, as well as several oil fields.
“Our oil companies are considering six oil fields … Gazprom is considering two fields: Kish and North Pars, for joint development with Iran, followed by the implementation of a natural gas liquefaction project and supplies to world markets. Now, virtually all technical issues on this gas project have been settled … Commercial conditions with Iran are currently underway,” Novak told reporters on Wednesday, 17 May.
Owji said during the visit that Tehran and Gazprom are also in discussion about investments worth around $40 billion.
“Some of these agreements are already turning into real contracts,” the Iranian oil minister said.
The agreements to jointly develop the oil and gas fields were announced by Owji on 18 May while accompanied by Novak at Iran’s International Oil Industry Exhibition 2023.
Novak also said that the two countries were working to create an electronic trading platform for sales of Iranian gas and gas that will be jointly produced by Tehran and Moscow in the future, according to Al-Mayadeen.
Iran and Russia have recently been boosting cooperation in a number of fields, including energy, trade, finance, defense, and transport.
Their cooperation aims to alleviate the effects of aggressive western sanctions – which target both countries – while also striving towards building a flourishing regional economy independent from western clutches.
“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 was quoted as saying in an official Russian statement.