The Iran Project
: Russian energy giant Gazprom has signed a memorandum with the National Iranian Gas Company (NIGC) to supply Russian pipeline gas to Iran, it said on Wednesday.
Thursday 27 June 2024 - 17:41
Story Code : 423917
Source : Reuters
Gazprom signs memo with Iran on Russian gas supplies
Iran sits on the world's second-largest gas reserves after Russia, and Moscow has long sought to make inroads into its natural gas business. U.S. sanctions have hindered Iran's access to technology and slowed the development of its gas exports.
Gazprom has seen its gas supplies to Europe, once the source of two-thirds of its gas sales revenue, plummeting to post-Soviet lows over the conflict in Ukraine. Last year it incurred losses of almost $7 billion, its first annual loss since 1999.
In July 2022 Gazprom signed a memorandum of understanding on energy cooperation with the National Iranian Oil Company (NIOC) worth around $40 billion, but no concrete deals have emerged from that agreement.
Reporter : Editorial of The Iran Project
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