TEHRAN - The head of the National Iranian Oil Company (NIOC) and Russias deputy energy minister have stressed the growth of bilateral cooperation through joint oil projects.According to Shana, Hamid Bovard satisfied on Monday, February 17, with Roman Marshavin, Russias deputy energy minister, to go over improving Iran-Russia partnership in the energy sector and the advancement of oil and gas fields.Bovard stressed the significance of deepening ties with Russia and developing long-lasting relations, specifying that Irans huge oil industry uses ample opportunities for cooperation.
He kept in mind that joint projects could pave the way for continual and broadened cooperation between the two nations.Marshavin welcomed more powerful ties with Iran, stating, We seek to expand cooperation with Iran and fully support all joint projects between the 2 countries.Iran and Russia have actually reinforced their energy incorporate recent years as part of broader efforts to counter Western sanctions.
In 2022, the two countries signed a $40 billion memorandum of understanding, under which Russian energy giants vowed to invest in Iranian oil and gas fields, consisting of the advancement of the Kish and North Pars gas fields.
Russias state-owned Gazprom has actually likewise devoted to helping Iran in gas liquefaction and pipeline facilities projects.More just recently, Tehran and Moscow have actually been dealing with new funding mechanisms to bypass U.S.
dollar-based transactions, allowing smoother energy trade.
In January, Irans oil minister announced that a portion of Irans oil exports to Russia is being settled in rubles and rials, showing both countries push for de-dollarization.
Furthermore, Iran has actually increased its crude oil swaps with Russia, particularly through the Caspian Sea, enabling Moscow to preserve its export flows regardless of Western restrictions.
Last year, Iran received numerous shipments of Russian crude for domestic refining and re-export by means of the Persian Gulf, a method that has helped both countries browse sanctions while improving energy cooperation.EF/ MA