WANA (Apr 25) – Iran’s Oil Minister announced that the potential for Iran-Russia trade cooperation far exceeds the current $5 billion level. He stated that four contracts have been signed with Russian companies to develop seven oil fields, with a total investment of $4 billion.

Mohsen Paknejad, who has traveled to Moscow to attend the 18th meeting of the Iran-Russia Joint Economic Commission, said this is the first meeting of its kind since the ratification of the comprehensive long-term strategic treaty between the two countries.

 

He emphasized that there is vast potential for cooperation between Iran and Russia in fields such as energy, finance, banking, agriculture, and trade in oil and gas products—opportunities that could open new avenues in bilateral economic relations.

 

According to Iran’s Oil Minister, trade interactions between Iran and Russia can go well beyond the current $5 billion mark. He noted that the goal is not simply to reach $10 billion in trade, but to build on agreed-upon frameworks that can take cooperation to even higher levels.

 

Paknejad stated that four contracts have been signed with Russian firms for the development of seven oil fields with a combined investment of $4 billion. He also noted that several memorandums of understanding in the oil and gas sectors are currently under negotiation, with the aim of turning them into finalized contracts.

 

He added that one of the key areas of mutual interest is gas cooperation: the first phase involves importing gas from Russia, while the second phase would focus on trading equivalent volumes through other means such as swap deals and transit arrangements. He said both sides are committed to this cooperation, and detailed negotiations have been held, with remaining issues soon to be finalized.