Russian Energy Minister Alexander Novak met Iranian Oil Minister Bijan Zanganeh in Moscow on Monday and discussed energy cooperation between the two countries and through OPEC, Russia’s Energy Ministry said.
The two ministers also discussed the possibility of Russian oil companies taking part in projects in Iran, the ministry said in a statement.
Last week, Iran’s special envoy Ali Akbar Velayati said one of Russia’s major oil companies has signed a $4-billion agreement with Iran, which will be implemented soon.
He added that Russian firms could replace the western oil companies that have left the Islamic Republic.
The senior official made the remarks after a meeting with Russian President Vladimir Putin.
Two other large Russian oil companies, namely Rosneft and Gazprom Neft, have started negotiations with Iran to sign agreements worth up to $10 billion, Velayati added.
Velayati also quoted Putin as hailing the oil cooperation between Tehran and Moscow, saying Russia has announced readiness to make investment as high as $50 billion in Iran’s oil and gas industry.