Publishe Date: 4:00 PM - 4/26/2014 | Print

Iran, Russia Discuss Economic Ties

Economy - Iran’s Ambassador to Russia Mehdi Sanayee and Russian Energy Minister Alexander Novak explored new avenues for utilizing the abundant capacities of the two states to strengthen Tehran-Moscow relations in all domains, particularly in the energy sector.

Speaking in a meeting with the Russian minister in Moscow, the Iranian official described the current year as an important opportunity for consolidating energy cooperation, and said that if Tehran and Moscow implement their agreements on various arenas of oil, gas and energy, other economic sectors would also gain momentum.

Sanayee further voiced Iran’s willingness to cooperate with Russia in the spheres of energy, building steam power plants and renovating Ramin Power Plant in Ahwaz and Shahid Montazeri Power Plant in Isfahan.

Novak, for his part, pointed to President Vladimir Putin’s resolve for the implementation of agreements signed by the two countries presidents and said that Russian Energy Ministry has taken necessary measures and is engaged in drafting memorandum of understanding (MoU) for the 11th meeting of the two countries joint economic cooperation scheduled to be held in Tehran.

Iran-Russia trade currently totals $5bln a year, but economists say they can at least quadruple the volume of their trade exchanges.

Last month, Iranian Oil Minister Bijan Namdar Zanganeh announced that Tehran and Moscow are due to finalize an agreement on broader economic and trade cooperation.

The Iranian oil minister underlined that Iran is determined to raise the volume of its “economic transactions” with Russia within the framework of long-term deals.

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