Iran, Russia clinch win-win MoU worth $40bn to boost coop.

TEHRAN, Jul. 24 (MNA) – The Chief Executive of Petroleum Engineering and Development Company (PEDEC) called signing a joint Memorandum of Understanding (MoU) between Iran and Russia as an example of a win-win deal.

The new deal signed between Iran and Russia will open a new chapter in relations between the two countries in the international arena.

Abouzar Sharifi the CEO of Petroleum Engineering and Development Company made the remarks in an in an interview with IRNA on Sunday and said that the recent Memorandum of Understanding inked between National Iranian Oil Company (NIOC) and Russia’s Gazprom Company can lay the suitable ground for a giant development in the Iranian oil and gas industry especially in gas fields.

Accordingly, NIOC and its subsidiary companies must take effective steps in finalizing the Memorandum of Understanding, he stated.

Investing and using advanced and world’s most modern technologies is the current need of the country's oil and gas industry while Russia is in need of commissioning North-South Transport Corridor for swap of oil products, Sharifi added.

Thanks to a joint cooperation between the two countries, Iran, in addition to benefiting from the transfer of oil products, gas and even crude oil from countries bordering the Caspian Sea to the Sea of Oman and international waters, it can also benefit from the necessary investment for the development of oil and gas fields, especially in joint fields.

Upon signing a joint Memorandum of Understanding, valued at $40 billion, between NIOC and Russia’s Gazprom Company, a giant step will be taken ahead of development of Iran’s oil and gas fields, financing LNG (Liquefied Natural Gas) projects and collecting flare gases, etc., CEO of Petroleum Engineering and Development Company added.


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