Iran, Russia stress execution of energy accords
Iran’s Ambassador to Moscow Mehdi Sanaee and Russian Minister of Energy Alexander Novak have underscored the need for the implementation of agreements they have reached in the energy sector.
Energy cooperation between Iran and Russia was discussed between the two officials in a Wednesday meeting in Moscow.
Iran’s Ambassador to Moscowsaid the countries’ ministries of oil and energy are ready to facilitate Russia’s investment in Iranian oil and gas sectors and for cooperation between the two countries in oil equipment.
Novak also expressed hope that energy cooperation between the two countries would expand.
On January 3, Russian Ambassador to Tehran Levan Dzhagaryan said his country is willing to invest in Iran’s oil and gas sectors if the Islamic Republic offers more attractive conditions.
In August last year, Iranian Oil Minister Bijan Namdar Zanganeh ordered a review of buyback oil contracts in a bid to make them more attractive for potential foreign investors. Under a buyback deal, the host government agrees to pay the contractor an agreed price for all volumes of hydrocarbons the contractor produces.
Last November, Dzhagaryan said Russian oil and gas companies are willing to invest in Iran’s energy sector in case the sanctions against Iran are lifted.
In October last year, Russia’s second largest oil company, Lukoil, voiced its interest to participate in oil and gas projects in Iran.
Source: National Iranian Oil Company
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