Russia: Volume of Moscow investments in Iran oil fields to increase

Speaking in a joint press conference with the Iranian Petroleum Minister Javad Owji, Alexander Novak referred to the 16th Joint Iran-Russia Economic Commission, saying, "I appreciate the Iranian petroleum minister, the head of the Iranian delegation in that commission in negotiations and Russian oil officials who spent great efforts to achieve fruitful outcomes for both countries in that meeting."

He expressed certainty that the outcomes of the 16th Joint Iran-Russia Economic Commission will lead to evermore expansion of bilateral cooperation and relations with Iran.

The deputy prime minister of Russia said that the relations between the Islamic Republic of Iran and the Russian Federation are at an excellent level in the political field, and in other fields, too, there are broad potentials to reach that level.

"Holding the 16th Joint Iran-Russia Economic Commission will further dynamize the Iran-Russia relation, which is built based on mutual trust between the two presidents of Iran and Russia," he said.

He said that in that meeting Iran and Russia discussed in detail comprehensive cooperation, and for instance, our bilateral trade in the first eight months of the year 2022 increased by 45%."We have also already reached joint agreements between the Iranian and Russian companies for establishing joint investment companies and for the presentation of facilities that are related to bilateral cooperation," he added.

He said that the two countries had begun swapping energy, especially oil products, and have now reached an agreement to increase the swap deals.

Novak said that the Iran-Russia swap oil and gas in October 2022 agreement will be signed by the end of this year, and accordingly, in this phase, up to five million tons of oil and 10 billion cubic meters of gas will be swapped.