Alexander Novak was speaking in coordination session of Iran-Russia Joint Economic commission as chairman on Wednesday, where he told reporters that the modernization process would enter active phase by next month.
Novak hailed a new chapter in bilateral ties; “trade, economic, and cultural cooperation in path to growth, and Russian delegation of major companies presence in Iran’s oil and gas, power, communications, banking, and aerospace sectors intend to promote this cooperation,” said Novak, “Iran is a major partner for Russia, and we are on the brink of a new phase of cooperation between the two countries, with major grounds for partnership lying in mining, oil and gas, power plant construction and modernization of old power plants, expanding mobile and land communication networks, space, and urban and road planning,” added the minister.
Novak also announced selling of plane parts and planes to Iran as an issue of discussion in the commission; “the trade volume between Iran and Russia is estimated as $1.07bn, which is not high in the face of Iran and Russia’s potentials to multiply this figure; a line of credit between the two countries will also be opened to help joint investments as a proposal by the commission,” said the Russian minister.
“Sanctions reduced the cooperation; otherwise no other issue affects the bilateral ties; within recent two years, good measures have been taken to improve interactions, with projects being underway worth $40bn now on top of the agenda,” Novak told reporters. “A project worth $4.5bn underway in Iran is plan to electrify Iranian rail road; the project to modernize Iran’s thermal power plants will also amount to $5bn, and will be signed before holding joint commission meeting in upcoming November,” he said.
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