Iran, Russia to Enforce Gas Swap Contract Soon

The public relations office of the Iranian oil ministry in a report called ‘one-year performance report of the oil ministry in the 13th government’ underlined the implementation of the $40-billion memorandum of understanding (MoU) between the National Iranian Oil Company and Russia's Gazprom Company.

Based on the report, it has been agreed that six million cubic meters of gas per day will be swapped from Russia soon to be exported from the South of Iran in the form of LNG.

Also, Iran will buy nine million cubic meters of gas from Russia through Republic of Azerbaijan.

Construction of Iran's gas export pipeline to Pakistan and Oman and the completion of Iran's LNG projects are also among other agreements made with Russia's Gazprom company.

Tehran and Moscow have expanded their energy and banking ties in the past few years amid the US sanctions.

Iranian Oil Minister Javad Owji said in August that Russia is leading the development projects of seven oil and gas fields in the country, adding that Tehran and Moscow are negotiating on contracts for 14 other fields. 

"We now have contracts with Russia to develop seven oil and gas fields that are making good progress between 10 and 30 percent," he said, noting, "Negotiations for 14 other fields are underway."

The oil minister stated that their talks focused on "cooperation in the energy and transportation sectors".

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