Gazprom is exploring the possibilities of closer cooperation with Iran since the international sanctions against the country were lifted.

VIENNA (Sputnik) � Russian energy giant Gazprom is exploring the possibilities of closer cooperation with Iran since the international sanctions against the country were lifted last week, the chairman of the company�s board of directors said Wednesday.

"We need to work on joint projects, investment programs. Sanctions are being scrapped, so we need to work with this country," Viktor Zubkov told reporters, adding delivery swaps were an option.

Last December, Gazprom and the National Iranian Gas Company held talks on expanding Iran�s underground gas storage and its gas transport network, as well as equipment deliveries from Russia.

Asked whether Iran�s return to the energy market would have a serious impact on gas trade, Zubkov said it would be felt primarily by the oil market.

Iranian oil exports are expected to add 600,000 barrels a day to the global market by mid-year, according to the International Energy Agency, something that is predicted to exacerbate the supply glut in the oil market, leading to a continued decline in prices in 2016.
By Sputnik News