Russia willing to cooperate in Iran energy sector

Russian Ambassador to Tehran Levan Dzhagaryan says his country is willing to invest in Iran’s oil and gas sectors if the Islamic Republic offers more attractive conditions.

“If the attractiveness of participation conditions for Russian companies in oil and gas extraction projects is increased, most likely we will see in the future not just companies traditionally active in Iran, but others as well,” Dzhagaryan said in an interview with Interfax news agency on Friday.

In August last year, Iranian Oil Minister Bijan Namdar Zanganeh ordered a review of buyback oil contracts in a bid to make them more attractive for potential foreign investors.

Under a buyback deal, the host government agrees to pay the contractor an agreed price for all volumes of hydrocarbons the contractor produces.

Last November, Dzhagaryan said Russian oil and gas companies are willing to invest in Iran’s energy sector in case the sanctions against the Islamic Republic are lifted.

Sanctions on Iran’s energy sector were imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program.

In October last year, Russia’s second largest oil company, Lukoil, voiced its interest to participate in oil and gas projects in Iran.

“If there are changes, if restrictions and sanctions are lifted, then, of course, we will very cautiously return to the project [in Iran],” Senior Vice President of Lukoil Overseas Gati Saadi al-Jebouri said.

By Press TV


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