Iran, Russia Ready To Sign Gas Purchase, Swap Deal

Iranian Oil Minister Javad Owji said Wednesday that, following a meeting with Igor Levitin, a senior aide to Russian President Vladimir Putin, the Islamic Republic had finalized talks with Russia on gas purchase and swap, the Oil Ministry’s news service Shana reported. The two countries will soon sign the contract in Moscow. Iran and Russia currently have a contract for developing seven oil and gas fields in Iran; they are negotiating a memorandum of understanding (MoU) on developing another 14 Iranian oil and gas fields, Owji said. The minister also said the joint Russian-Iranian economic commission would meet in Moscow in two months to continue discussions on the expansion of cooperation in the fields of energy, transport, trade, and sports. According to an MoU signed in July between the two countries, Russia will invest $40 billion in Iran’s petroleum industry, including for the development of Iran’s Kish and North Pars gas fields and six oil fields, completion of liquefied natural gas projects, swap of gas and petroleum products, and construction of gas transfer pipelines.