Russia negotiating more energy cooperation with Iran

Russian Energy Minister Alexander Novak says his country is in talks with Iran for increasing energy cooperation with a view to raising trade exchanges.

“We seek to increase [Iran-Russia] trade turnover and expand the presence of our companies in the Iranian market,” Itar-Tass quoted Novak as saying on Saturday.

He added that Russia is interested in constructing more power plants in Iran and developing Iran’s hydrocarbon deposits.

“This will give a possibility to develop and restore our trade at the level before sanctions were imposed. Thus, this issue is pressing,” the minister said.

Novak said Iran and Russia are looking for a “financial scheme” to facilitate the supply of “metallurgy, machine-building and energy equipment” by Russian companies to Iran.

Iran-Russia’s 2013 trade reportedly totaled USD 1.59 billion.

Russia’s second largest oil producer Lukoil has voiced its willingness to return to Iran to develop a block of oil fields as international sanctions against Iran are shrinking.

Meanwhile, Russia’s Rosatom State Nuclear Energy Corporation has expressed hope for the finalization of a deal for the construction of a second unit at Iran’s Bushehr nuclear power plant.

In September 2013, Iran officially took over from Russia the first unit of its first 1,000-megawatt nuclear power plant in Bushehr for two years. The initial construction of the Bushehr facility began in 1975 by German companies, but the work was halted following the 1979 Islamic Revolution.

After signing a deal on the construction of nuclear plants in 1992, Iran and Russia reached an agreement in 1995 to complete the Bushehr plant.

By Press TV


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