Iran signs 4 oilfield development contracts with Russia

The deals, worth a cumulative $4 billion in investment, were unveiled during the 18th meeting of the Iran-Russia Joint Economic Commission in Moscow.

Paknejad emphasized that the current volume of trade, standing at approximately $5 billion annually, falls far short of the actual potential.

He noted that existing frameworks and agreements between the two countries have the capacity to push bilateral trade beyond $10 billion and open new avenues for cooperation in key sectors.

Paknejad highlighted the breadth of untapped opportunities between Iran and Russia, spanning energy, finance, banking, agriculture, and the trade of oil and gas products.

“This partnership can evolve into deeper economic collaboration far exceeding the current benchmarks,” he stated.

In addition to the finalized oilfield development contracts, Paknejad revealed that several memoranda of understanding concerning other oil and gas fields are under negotiation and are expected to be formalized in the near future.

The Iranian oil minister also outlined a phased plan for gas cooperation with Russia. In the first phase, Iran will begin importing gas from Russia. The second phase will involve leveraging an equivalent volume of imported gas for international trade through swap deals and transit routes. “Both sides are keen to move forward, and negotiations on the remaining issues are progressing towards a final agreement,” he added.