Monday, April 22, 2024

Iranian oil minister to head to Russia following $40bn MoU for investment in Iran

Iran’s oil minister will head to Russia on Monday for the 16th joint economic commission of the two countries, with the finalization of the 40-billion-dollar memorandum of understanding in oil and gas sector topping the agenda of the visit.

The visit comes on the heels of the meetings of different Iranian and Russian working groups including on energy, banking, transportation, trade and investment.

They have prepared draft cooperation documents for finalization during the meeting of the joint economic commission.

The commission is also scheduled to discuss a roadmap for economic cooperation between Iran and Russia.

An issue on the agenda is the conclusion of the memorandum of understanding signed between the two sides in July for 40-billion-dollar worth of investment by Russian companies in several Iranian oil and natural gas projects.

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