Iran-Russia $40b oil contract is a win-win deal: Official
The CEO of Iran’s Petroleum Engineering and Development Company (PEDEC) said that the memorandum of understanding on investment signed between Iran and Russia was an example of a win-win deal.
The implementation of the MoU could pave the way for positive developments in Iran’s oil and gas industry, Abouzar Sharifi told IRNA on Sunday.
Iran’s oil and gas industry is in need of investment and advanced technology and Russia needs completion of the International North-South Transport Corridor (INSTC) to swap its oil products, Sharifi said, expressing hope that the MoU could meet the demands.
In addition to the investment in development of oil and gas fields, as said by the CEO, the MoU could benefit Iran in transporting oil, gas and oil products from the Caspian Sea littoral states to the Sea of Oman.
National Iranian Oil Company (NIOC) and Russia’s Gazprom signed an MoU on investment in Iran’s oil and gas this week, as Russian President Vladimir Putin paid a visit to Tehran.