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Iran-Russia Gas Plans Affect World Market

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Iranian Oil Minister Bijan Namdar Zanganeh highlighted the far-reaching effects of cooperation with Russia in the gas industry, saying the two countries can determine the international market situation by holding the world’s largest gas reserves.

The cooperation between Iran and Russia, ranked first and second in the list of countries by gas reserves, would have decisive influence on the world market, Zanganeh told reporters in Tehran on Wednesday.

His comments came after the National Iranian Oil Company (NIOC) and Russia’s Gazprom signed two memoranda of understanding on cooperation in projects in Iran.

The first agreement, described as a “gas collaboration roadmap”, was signed by Gazprom CEO Alexei Miller and Ali Kardor, the NIOC chief, Shana reported.

The other deal would also result in completion of Iran’s largest liquefied natural gas project, known as “Iran LNG”.

Since coming into force in January 2016 of the Joint Comprehensive Plan of Action (JCPOA), a nuclear deal between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany), Tehran and Moscow have ramped up efforts to boost bilateral trade.

In November, Russia’s state-controlled oil giant Rosneft said it has signed a road map with the National Iranian Oil Company (NIOC) to implement “strategic” projects with total investments worth up to $30 billion.

 

FAR Law Firm

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