Iran-Russia trade volume to increase to $40 billion soon

TEHRAN, Jun. 07 (MNA) – Iranian Oil Minister Javad Owji said that Iran-Russia trade volume will reach $40 billion within a year and a half through the planning of the two sides.

Iranian oil minister Javad Owji made the comments on the occasion of the National Day of Russia held at the Russian Embassy compound in Tehran on Tuesday.

Saying that Iran and Russia are two large neighbors in the region that have much in common in various economic and cultural fields, Owji stressed the need for deepening the two countries' ties.

Emphasizing that the implementation of the Russia-China-Iran banking cooperation project will put an end to the hegemony of the dollar in the near future, he said that such cases show the capacities of Iran and Russia and the change in the balance of power.

"Iran and Russia, as two important players in oil and gas supply, can be the world's energy suppliers. Playing with these two important countries will be a threat to world security and energy supply," Owji noted.

Condemning the imposed sanctions on Russia, Owji also called for holding dialogues and negotiations to reach a rational solution to the problems.

The Iranian minister went on to say that Iran welcomes foreign investment in oil and gas, adding that "The Islamic Republic ranks first in the world in oil and gas reserves. Today, we have more than one billion cubic meters of gas production capacity and four million barrels of oil production capacity, and we have planned to increase the country's oil and gas production during an eight-year plan."

The minister also said that after the meeting of the president of Iran and Russia in Moscow, and the recent visit of the Russian deputy foreign minister to Tehran, it is expected the bilateral relations between the two nations will increase to the targeted $40 billion.

The implementation of the Russia-China-Iran banking cooperation project will put an end to the rule of the US dollar over the world economy in the near future, he also said.


News Code 187683


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