On cooperation between Tehran and Moscow over oil swap projects, Bijan Zanganeh said no talks were conducted in this regard during the recent visit to Iran of Russian Energy Minister Alexander Novak though relevant negotiations are underway with Lukoil company.

He further touched upon gas swap with Russia asserting “Gazprom is taking measures to join hands with Iran for gas swap purposes.

“During the recent visit of a Russian delegation to Tehran, talks were held over development of some Iranian oil fields and agreements were also signed.”

The official underlined that Russneft firm was seeking to collaborate with the Headquarters for Execution of Imam Khomeini’s Order (EIKO) to develop four oilfields including South Azadegan.

During visit of Russian economic and oil delegation, headed by Novak, to Tehran last week, the MoU for studying two oil fields of Cheshmeh Khoshk and Chenguleh in west of Iran were signed.

Accordingly, Iran’s Oil Minister Bijan Zanganeh reported on signing research and development MoUs with Russia for expansion of seven Iranian oilfields.

Russian Lukoil will be engaged in study on Mansouri and Ab Teimour, Russian Zarubezhneft will study Aban and West Paydar and Tatneft will study the Dehloran , while Gazprom will study Cheshmeh Khoshk and Chenguleh oil fields.

Meanwhile, one joint project likely to be implemented by the two sides is oil swap deal which has not reached conclusion and based on primary talks 150,000 barrels per day oil is slated to be swapped though the figure will eventually hit 500,000 barrels per day.

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The deals open the way for Gazprom to carry out studies at the Cheshmekosh and Changouleh fields near the border with Iraq, according to the Shana news agency, which is linked to the Oil Ministry, AFP reported.

That adds to five other oilfields that have already been earmarked for Russian firms Lukoil, Tatneft and Zarubezhneft.

The latest deal was signed by Russian Energy Minister Alexander Novak, who is visiting Tehran with a 590-strong business delegation.

Russia and Iran are keen to deepen their economic relationship.

Iran has announced a slew of energy deals with foreign firms in recent weeks, despite uncertainty around the incoming US administration of Donald Trump, who has vowed to take a more confrontational stance toward Tehran.

Last week, Anglo-Dutch giant Shell signed an initial accord to explore two of Iran’s largest oilfields at South Azadegan and Yadavaran, as well as the Kish gas field.

That followed an initial deal with France’s Total last month to develop part of the South Pars gas field – a project worth an estimated $4.8 billion.

But doubts persist over how these deals will be financed so long as Iran remains frozen out of the international finance system by continuing US sanctions.

The government has announced that Iran’s energy infrastructure urgently needs an infusion of foreign cash, technology and know-how.

Russia Keen to Participate in Iran’s Oil, Gas Projects
Russian Energy Minister Alexander Novak said on Tuesday that Moscow is keen to participate in Iran’s oil and gas projects.

He made the remarks in the Iran-Russia trade forum in Tehran.

Iran and Russia will continue cooperation in execution of development projects in the oil and gas sector, the official added.

He said that Iran and Russia will promote cooperation in construction of gas, electric and nuclear power plants.

Iran and Russia are keen to enhance all-out ties, Novak added.

He referred to removal of Islamic Republic’s sanctions and said the ground is now ready for Russia’s investment in Iran’s oil and gas projects.

The two countries enjoy good capacity for promotion of cooperation, Novak added.

He said that the volume of cooperation between the two states is increasing.

Iran and Russia enjoy longstanding cooperation in energy fields and they can work together in fields of construction of nuclear, electric and gas power plants, the minister added.

He said that central banks of Iran and Russia have taken good steps forward resolution of banking problems.

Russia will cooperate with Iran to develop its Bushehr Nuclear Power Plant and electrify its railroads, Novak added.

He said Moscow is ready to sell superjet planes to Iran.

National Iranian Gas Company (NIGC) and Russian Gazprom Neft on Tuesday signed a Memorandum of Understanding (MoU) for cooperation.

Managing Director of the NIGC Hamid-Reza Araqi and Deputy Managing Director of Gazprom Alexander Medvedov signed the deal in the presence of Iran’s Minister of Communications Mahmoud Vaezi and Russian energy minister.

The two sides decided to form five working group with regards to the extent of the working fields. The working groups corresponded and held talks on trade of gas, R&D, production and implementation of the joint projects and gas application.

In the meeting, the projects of investment in Iran were outlined and it was announced that Iran is ready to absorb more than 62 billion dollars investment in the NIGC projects in the coming years.

With lapse of almost one year since the first working session, the two sides signed the MoU based on outcome of their expert sessions.

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The visit will be a major step towards implementing the decisions taken by the presidents of the two countries to expand bilateral ties, IRNA reported.

The delegation is headed by Russia‘s Minister of Energy Alexander Novak.

The 13th Iran-Russia Joint Economic Commission is also to meet in the Iranian capital during the Russian delegation’s visit.

Iran’s Minister of Communications and Information Technology Mahmoud Vaezi and the visiting Russian minister are to co-chair the Tehran meeting which is considered as an unprecedented measure towards fostering bilateral relations.

The Russian delegation is scheduled to ink several agreements and hold talks with Iranian officials.

Coincident with the Joint Economic Commission meeting in Tehran, Iran-Russia Energy Commission will hold its first session to review ways to widen bilateral cooperation in that area.

Iran’s ambassador to Moscow said Tehran-Moscow cooperation is witnessing a bright future.

According to reports, Iran and Russia have planned to increase economic relations to an annual $4 billion by the end of 2017.

According to the latest figures, economic exchanges between the two countries grew by 80 percent in first half of 2016 compared to the figure for the same period last year.

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