The Iran Project

Iran-Russia energy ties to expand: Novak

Flags of Iran & Russia

MNA – Russia’s Energy Minister Alexander Novak said Mon. his country seeks to expand ties with Iran in different energy sectors.

In a meeting with Iran’s Oil Minister Bijan Namdar Zanganeh in Moscow, Novak hailed the developing cooperation between the two countries in different aspects, especially in the oil sector, asserting that the bilateral ties between the Islamic Republic and Russia will expand.

The two sides are making every effort to cement the legal and infrastructural bases for scoping the scale of their collaborations, Novak added.

Speaking to reporters on the sidelines of the meeting, Zanganeh said he and Novak had agreed at the meeting to strengthen ties between the two oil exporters.

The veteran minister noted that extending the deal between OPEC and the group of non-OPEC oil-producing countries on output cut is not a difficult task, adding that it should be straight-forward to extend the global oil output deal between OPEС and non-OPEC countries.

“As I understand, there is no difficulty to extend this cooperation,” the minister noted.

Noting that the balance between supply and demand in the oil market is fragile, Zanganeh said the oil producers should be wary of any trouble in the oil market, especially due to US measures against big oil producers.”

“Russia is one of the biggest oil producers in the world, and we are in a situation that we thought it is necessary to discuss the oil market with our Russian friends,” Zanganeh said.

The US reimposed sanctions on Tehran in November after unilaterally pulling out of a 2015 nuclear accord between Iran and six other countries, including Russia, China, the UK, France and Germany.

Washington is likely to renew waivers to sanctions for most countries buying Iranian crude, including the biggest buyers China and India, as the major importers of Iranian crude resist calls by the US to end their oil purchases.

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