Iran, Russia ink MoU in developing mining sector

TEHRAN, Aug. 18 (MNA) – A Memorandum of Understanding (MoU) was inked between Iranian Mining Engineering Organization and Export Promotion Center of Russia to develop and expand cooperation in engineering and mining fields.

This MoU was signed and sealed in Tehran on Tue. between Head of Iranian Mining Engineering Organization Taghi Nabaei and Pavel Bukhanov Chief of Export Promotion Center of Russia in Iran.

Export Promotion Center of Russia is a Holding composed of three companies, tasked with promoting and developing exports of Russian Federation to the Islamic Republic of Iran.

According to the available statistics, Russia’s volume of products exported to the Islamic Republic of Iran last year (ended March 20, 2020) registered a 32 percent growth as compared to a year earlier.

Under the agreement made, suitable ways are provided for the expansion and development of cooperation between Iran and Russia in the relevant sector, Nabaei said, adding, “The two countries of Iran and Russia enjoy good capacities and potentials in mining and mineral industries.”

He pointed to Russia’s high capability and potential in the field of mining and mineral machinery and added, “Export Promotion Center of Russia can help Iran in the field of importing equipment and machinery in mining and mineral sector appropriately.”

According to the Russian Customs, the Islamic Republic of Iran and the Russian Federation exchanged $1.740 billion worth of products in 2018, $1.207 billion of which related to Russia’s export of products to the Islamic Republic of Iran.

Russia imported $533 million worth of products from the Islamic Republic of Iran in 2018.

Eximbank of Russia is one of the subsidiaries to the Export Promotion Center of Russia, so that subsidiary companies of the Export Promotion Center of Russia run under the strict supervision of the Russian Ministry of Trade and Industry.

MA/IRN83911618

News Code 162429

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