Russia ready to invest up to $50bn in Iran’s oil sector

MNA – Oil cooperation between and Russia can be boosted to some $50 billion and Moscow has expressed readiness to make this investment, said Iranian Leader’s senior adviser Ali Akbar Velayati on Thursday.

He made the remarks during a live interview with Iran’s state TV on Thursday noon.

Referring to his meeting with Russian President Vladimir Putin earlier today, Velayati said that the message of Iran’s Leader and president was delivered to the Russian official.

“The meeting lasted for some two hours and it was very constructive, clear and friendly,” he noted, adding, “we talked about topics of mutual interest.”

President Putin highlighted that the volume of trade between the two countries have increased by 36 percent in the first four months of 2018, Velayati added.

The Iranian official went on to say that a $4-billion oil deal with a major Russian firm will become operational in the near future.

Two other major Russian oil companies have also made initial sign contracts with Iran which would be worth $10 billion, he added.

Mr. Putin’s reports in the meeting demonstrated that Iran-Russia oil cooperation can be developed to some $50 billion which is a considerable volume, he said, adding that Russia can appropriately replace Western companies which have left Iran due to US sanctions.