Iran, Russia Ink MOU on Gas Trade and Investment

National Iranian Gas Company (NIGC) and Russian gas company Gazprom signed a memorandum of understanding (MoU) on gas trade and investment Tuesday in a ceremony by Iranian co-chairman of Joint Economic Commission and Russian energy minister.

Managing Director of NIGC Hamid Reza Araqi and deputy managing director of Gazprom Alexander Medvedev signed the deal in the presence of Mahmoud Vaezi and Alexander Novak.

A Russian 30-member delegation paid a visit to Iran last January and first meeting for cooperation of the two companies was convened.

 Given extensive dimensions of gas industry, it was decided by the meeting to form five working groups on various areas such as gas trade and research and development.

It was declared at the meeting that Iran has the capacity to make over $62 billion investment in gas sector in the coming years.

After a lapse of a year since the establishment of specialized working groups of NIGC and Gazprom, a cooperation deal was also signed by Araqi and Medvedev today.

Russia developing most of Iranian oil fields, says Zangeneh

On the other hand, Petroleum Minister BijanZangenehsaid here on Tuesday that most of Iran’s oil fields are being developed by Russian companies.

Zangeneh made the remarks in a meeting with visiting Russia’s Energy Minister Alexander Novak.

He added Russia’s second-biggest oil producer Lukoil is cooperating with Iran for the development of the Mansouri and AbTeymour oil fields – both located in the southwestern oil-rich Khuzestan province.

Zangeneh underscored that the Iranian and Russian companies also inked two agreements to survey CheshmehKhosh and Changoleh oil fields in west of the country on Tuesday.

He also hailed Russia’s cordial collaboration with Members of Organization of Petroleum Exporting Countries (OPEC) for restoring tranquility to oil market.

On Dec 10, OPEC and non-OPEC member states convened ministerial meeting in Vienna for arrangements on output cuts.

OPEC member states in the 171st meeting decided to reduce oil production 1.2 million bpd from January 2017 to improve prices, elimination of the glut in the market and create market balance.

Non-OPEC member states agreed to reduce their oil production 600,000 bpd including Russia to cut oil production by 300,000 bpd and Mexico agreed to cut output by 150,000 bpd.

 

IRNA

R.S

 

You might also like
Latest news
58 martyrs in Israeli aggression on several Lebanese areas Israeli aggression targets Josieh crossing on the Syrian-Lebanese borders 120 Palestinians martyred in seven Israeli massacres during the past 24 hours Sabbagh congratulates Attaf on renewal of confidence as Algerian Foreign Minister A solidarity event in Moscow for the Arab peoples in the face of Zionist attacks and crimes President Al-Assad accepts credentials of new Ambassador of South Africa Workshop about situation of the Financing Market for Micro and Small Enterprises kicks off Four martyred in initial toll in Israeli occupation new raid on Beirut city center Syria, Cuba discuss promoting trade ties Syria Receives Two Gold and Two Silver Medals at The Arab Kickboxing Tournament in Egypt   Terrorist Ben-Gvir Storms Ibrahimi Mosque in Hebron “China's Views-The Syrian War and Europe” a Book by Chinese Researchers Translated by Safwan Bahloul Yemeni Forces Target an Israeli Enemy Base South of Occupied Palestine with a Ballistic Missile UN Calls for Accountability of Those Responsible for Targeting Humanitarian Workers in Gaza and Leba... Russia Strongly Condemns Israel's Aggression Against Palmyra... It is a Flagrant Violation of Syrian... 25 Martyrs and Dozens Wounded in the Occupation Bombing of Various Areas of the Gaza Strip Three European Countries Announce their Readiness to Arrest Netanyahu and Gallant if They are on The... Organization of Islamic Cooperation: Issuing Arrest Warrants Against Netanyahu and Gallant Contribut... The Feature Film (Temporary Darkness) Participates in The Hague Film Festival in the Netherlands Syrian Doctor Receives Best Clinical Presentation at Diabetic Foot Conference in Los Angeles