Russia, Iran sign gas agreement

(MENAFN) Gazprom, Russia's prominent energy conglomerate, has solidified a significant strategic move with Iran through the signing of a memorandum aimed at pipeline gas supplies to the Islamic Republic. This milestone agreement was reached during a high-profile visit to Iran led by Gazprom CEO Aleksey Miller, where discussions were held with Iranian Oil Minister Javad Owji. The signing ceremony, reportedly attended by interim Iranian President Mohammad Mokhber, underscores the growing cooperation between Moscow and Tehran in the energy sector.

Details of the memorandum remain undisclosed as both parties continue to navigate the complexities of energy partnership amid Western sanctions on both countries. Iran, known for its substantial oil reserves and refining capabilities, has been actively pursuing the establishment of an international gas hub, involving key players like Russia, Qatar, and Turkmenistan. This initiative aims to leverage regional energy resources and infrastructures to strengthen Iran's position in the global energy market.

Iran's Oil Minister previously articulated ambitions for collaboration with Russia not only in gas supplies but also in developing new oil reserves within the country, complementing existing joint ventures. Discussions have also included plans to establish a gas hub in southern Iran, an effort supported by Russian companies, though the specifics are still being refined over time, according to Russian Deputy Prime Minister Aleksandr Novak.

The ongoing partnership between Moscow and Tehran underscores their shared interest in expanding energy cooperation amidst geopolitical challenges. Previous announcements of a $40 billion energy deal and agreements on oil and gas swaps have laid the foundation for deeper economic ties, including Russia's inaugural fuel deliveries to Iran by rail in April 2023. These developments highlight the strategic importance of energy diplomacy in shaping bilateral relations amid international sanctions and global energy dynamics.

MENAFN04072024000045015687ID1108407297