By Alexander Miller, Emerging Markets Consultant, for Eurasia Business News – July 20, 2022

The National Iranian Oil Company (NIOC) and Russia’s Gazprom have signed a memorandum on energy cooperation worth about $40 billion, according to Iran’s news agency. The signing took place on the day of Russian President Vladimir Putin’s official visit to Tehran, where he met with Iranian President Ebrahim Raisi, who has been in office since August 2021.

The document was signed at an online ceremony by NIOC CEO Mohsen Khojasteh and Gazprom’s Vice Chairman of the Executive Committee Vitaly Markelov.

The agreement provides for the development of the Kish and North Pars gas fields, increased pressure on the South Pars field, the development of six oil fields, the exchange of gas and petrochemicals and gas products, the completion of LNG projects, the construction of export pipelines, as well as other scientific and technical cooperation.

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« The document provides for an analysis of the possibilities for interaction, in particular in the following areas: the development of oil and gas and oil fields in Iran, the implementation of trade operations with natural gas and petroleum products, the implementation of large-scale and low-tonnage LNG projects, the construction of main gas pipelines, scientific, technical and technological cooperation,” says the Telegram channel of the gas giant Gazprom.

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