Russia intends to expand its investments in the Iranian oil sector, Russian Deputy Prime Minister Alexander Novak was quoted as saying by the Iranian Oil Company (NIOC) on Wednesday.
Novak’s remarks came during a joint news conference with Iranian Petroleum Minister Jawad Owji following the 16th Joint Economic Commission of Iran and Russia.
Novak expressed optimism that the Joint Economic Commission would advance ties and collaboration between Iran and Russia, calling the two nations’ relations ‘trustworthy and at a high political level.’
‘Holding a meeting of the Joint Economic Commission can give another boost to the relations between Iran and Russia. The relations between Iran and Russia are confident relations established between the presidents of the two countries,’ Novak said.
-Swap Agreement
Novak emphasized the significance of the two nations’ collaboration in the area of energy with the signing of numerous agreements.
‘It was agreed to expand cooperation in the fields of electricity, oil and gas. Russian companies are currently investing in the oil fields of the Islamic Republic of Iran, and the volume of such investments will increase next year,’ he said.
This year Russian energy giant Gazprom signed a memorandum of understanding with the National Iranian Oil Company for gas extraction from Iranian fields as well as gas exports.
The two countries also agreed on the swap of oil products, which Novak described as ‘promising.’
