USD 88.0872


EUR 96.3046


Brent 85.45


Natural gas 2.032



Iranian NIOC and Gazprom ink cooperation MOU worth $40 billion

This MoU will be the largest foreign investment in the history of Iran's oil industry, as it will lead to an investment of several tens of billions of dollars of Russian investment in Iran's oil & gas fields

Iranian NIOC and Gazprom ink cooperation MOU worth $40 billion

Source: Shana

Teheran, July 19 - Neftegaz.RU. National Iranian Oil Company (NIOC) has signed a strategic memorandum of understanding (MOU) with Russia’s Gazprom to cooperate in oil & gas industry projects valued at about $40 billion, Shana reported.

The MOU was signed by NIOC Head Mohsen Khojasteh-Mehr and Vitaly Markelov, deputy chairman of the Gazprom management committee, in an online ceremony today.

The development of Kish and North Pars gas fields, increasing the recovery factor of South Pars field, development of 6 oil fields, swapping gas and petroleum products, completion of LNG projects, construction of gas export pipelines, and cooperation in other scientific and technological areas are among the most important axes of the signed memorandum.

Speaking at the signing ceremony, Khojasteh-Mehr said signing the memorandum with Gazprom can be considered one of the biggest foreign investments in the history of Iran's oil industry.
The NIOC Head said:
  • The National Iranian Oil Company does not ignore any investment opportunity
He noted that Iran and Russia are determined to secure and increase strategic cooperation in various fields.
Referring to the meeting with the senior managers of Gazprom during his recent trip to St. Petersburg, Khojasteh-Mehr said:
  • Following that visit, Gazprom managers also visited Teheran last week at the order of Russian President Vladimir Putin and we had some constructive negotiations
  • We hope that after signing this memorandum, technical and economic negotiations will start in the shortest possible time under the framework of the mechanism considered by both sides
The NIOC head further mentioned his company’s plans for attracting $160 billion of investment in the country’s oil & gas industries, saying that this investment is going to be used to increase the country’s oil & gas production.
Currently, we have implemented projects worth $4 billion with various Russian companies, he said.

Elsewhere in the online ceremony, Markelov pointed to the NIOC as one of the key companies in Iran and said:
  • The areas of cooperation between us are very broad, and today we are signing a MoU for the development of oil & gas fields, gas pipelines, technology development, and transfer, etc
Iran has the world's 2nd-largest gas reserves after Russia, but U.S. sanctions have prevented access to extraction technology and slowed development of gas exports.
The relations between Iran and Russia have been put on a new path with the support of President Raisi and Putin, and the 2 countries are taking new strategic measures to expand relations at all economic and political levels.

To read the news in Russian

Follow us on Google News
Advertising at

Subscribe to our newsletter

of the best materials Neftegaz.RU

* Incorrect E-Mail Address

By clicking the "Subscribe" button I accept the "Agreement on the processing of personal data"

Advertising at