According to the senior official, the National Iranian Oil Company (NIOC) and Gazprom signed a memorandum of 40 billion dollars in July, from which that initial figure was finalized.

Under the agreement, Gazprom will help NIOC in the development of the Kish and North Pars gas fields and six other oil fields, the Russian gas producer will also participate in the completion of liquefied natural gas (LNG) projects and the construction of export gas pipelines.

Earlier this month, Iranian Oil Minister Javad Owji visited Moscow, where the two sides discussed the exchange of Russian crude and its derivatives, the figures for which will be agreed in the coming days, Safari announced.

The exchange agreement, in addition to the economic benefits and the reduction in the cost of transiting gas from the south of Iran to the north of the country to supply fuel to the northern provinces, will consolidate the strategy between Iran and Russia, and intermediary countries such as Turkmenistan and Azerbaijan, Safari said.

“This is a very smart approach that leads to political and security stability and peace among nations,” he stressed.

He stressed that Iran’s Oil Ministry is moving in the right direction for oil and gas interaction with Russia to protect national interests.

The Islamic Republic has also agreed to revive a long-stalled project to install an underwater pipeline to bring gas to Oman.

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