Russian High-Ranking Trade Delegation to Attend Iran Oil Show 2023

(MENAFN) A high-ranking trade delegation from Russia will visit Tehran during the 27th Iran International Oil, Gas, Refining, and Petrochemical Exhibition (Iran Oil Show 2023) to be held from May 17-20 at the Tehran Permanent International Fairgrounds. Ahmad Asadzadeh, the Iranian Deputy Oil Minister for International and Commercial Affairs, announced that the Russian delegation, headed by the Deputy Prime Minister of Russia, will participate in the B2B meetings between the two countries and attend the official inauguration of the Iran Oil Show.

The visit by the Russian delegation comes following a telephone conversation between Iranian Oil Minister Javad Oji and Russia's Deputy Prime Minister Alexander Novak, who are the chairmen of Iran-Russia Joint Economic Committee. During their conversation, they discussed the expansion of economic ties between the two countries, including cooperation in banking, transit, oil, gas, and petrochemical sectors. Asadzadeh stated that the Russian delegation's main goal is to hold joint meetings to review bilateral cooperation and participate in B2B meetings to discuss cooperation in the mentioned sectors.

Asadzadeh also stated that the high-ranking Russian officials, including the Governor of the Central Bank of the Russian Federation, Elvira Nabiullina, will sign some documents with their Iranian counterparts on the sidelines of the B2B meetings. This visit follows the signing of four cooperation documents between Iran and Russia in various areas at the end of the two countries' 16th Joint Economic Committee meeting in Russia last November.

In the opening ceremony of the Iran Oil Show, Minister Oji reiterated Iran's commitment to expand strategic cooperation with Russia in the energy sector and support cooperation between all Iranian and Russian ministries, organizations, institutions, and companies. He emphasized the need for extensive banking cooperation between the two countries to create a suitable and reliable payment mechanism that facilitates mutual trade and investment, especially swapping energy carriers such as gas, crude oil, and petroleum products.

The minister underlined the capacities of Iran and Russia in different areas and the sanctions targeting both countries, expressing hope that the signed MOUs and agreements in the meeting will lead to a positive expansion of economic relations between the two countries. The expansion of cooperation between Iran and Russia is expected to mitigate the impacts of international sanctions against the two countries.

Recently, Iran and Russia signed a memorandum of understanding (MOU) on transit cooperation. The MOU on tripartite cooperation between the Iran Transportation Development Fund, the International Coordinating Council on Trans-Eurasian Transportation (CCTT), and the Economic Development Center of the Commonwealth of Independent States (CIS) was signed in Moscow. The signatory parties aim to increase trade, transit, and storage of goods along international corridors, especially the North-South corridor.

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