Financial Tribune - Iranian companies active in the water and power sector signed memorandums of understanding with the Russian Power Machines Company at the weekend in Tehran.

Energy Minister Reza Ardakanian pointed to cordial political relations between the two countries and said, "Despite the cordial political relations, ties in economic sector are not as strong."

Ardakanian, who also is head of the Iran-Russia Joint Economic and Trade Cooperation Commission, said the commission wants to expand economic cooperation between the two neighbors.