Russia, Iran to take initiative in global oil market, says Iranian MP

Tehran – The signing of a cooperation agreement between the Russian Federation and the Islamic Republic of Iran as two big energy producers can pave the way for both nations to take initiative in the global oil market, an Iranian legislator said.

Mahmoud Abbaszadeh Meshkini told IRNA on Saturday that Russia and Iran are important hubs in producing oil and gas in the world in a situation where all states are in dire need of energy resources; therefore, signing of a memorandum of understanding between Moscow and Tehran on collaborations on oil and gas can affect developments in the region.

If the strategic accord between Moscow and Tehran is implemented, the two nations would be able to play the leading role in determining energy prices and managing the market at the global level, the member of National Security and Foreign Policy Commission in Iran’s parliament said, adding that this would be beneficial for both countries.

A big share of the world’s energy demand is produced by Russia and Iran and the West is seriously dependent on energy, he said, noting that imposition of sanctions on energy sector is not in the interest of the European countries.

Noticeably, the US sanctions could not get in the way of signing MoUs and agreements between Russia and Iran, he noted, arguing that Moscow and Tehran have defined their relationship as strategic partnership and both nations are keen on cooperation in this framework.

The developments in the international arena have encouraged Russia and Iran to enter the deepest strategic partnership, which embraces also economic exchanges in addition to political and security cooperation, the lawmaker said, adding that such a partnership is expected to end up in a positive outlook for both nations.

The signing of a MoU on oil and gas sectors with a 40-billion-dollar investment is considered as a great transition in Iran’s oil industry, which can ensure positive achievements and economic prosperity for country, the MP concluded.

Source: IRNA

Raghda Sawas