Iran's NIOC, Russia's Gazprom strike $40b MoU

TEHRAN, Jul. 19 (MNA) – The National Iranian Oil Company (NIOC) and Russia's Gazprom signed a memorandum of understanding worth roughly 40 billion dollars.

The document was signed during an online ceremony on Tuesday by NIOC CEO Mohsen Khojastehmehr and Vitaly Markelov, Deputy Chairman of the Gazprom Management Committee.

The development of Kish and North Pars gas fields, pressure enhancement of South Pars field, development of 6 oil fields, gas and product swap, completion of LNG projects, construction of gas export pipelines and other scientific and technological cooperation are among the most important highlights of the memorandum.

The oil and gas deal is reportedly the largest in Iran’s history.

The relations between Iran and Russia under the 13th administration have been put on a new path with the support of Iranian President Ebrahim Raeisi and Russian President Vladimir Putin, and the two countries want to expand relations in all economic and political fields.

ZZ/SHANA

News Code 189234

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