- Both countries also agreed on the development of a power supply network between then through Azerbaijan and Armenia.
- Iran and Russia plan oil and gas trade and swaps.
At the second Caspian Economic Forum held in Moscow, The Iranian Oil Minister, Javad Owji, and the Russian Deputy Prime Minister, Alexander Novak, discussed prospects of their countries collaborating in several joint oil and gas projects. In addition, many negotiations from different countries have taken place with Iran on the possibilities of developing Iran’s oil and gas fields since the lifting of the international sanctions on Iran in January 2022.
Bijan Zangeneh, Iranian minister of petroleum, during a meeting with Russian Energy Minister Alexander Novak in Tehran, stated that Collaboration with Russia was a sustainable policy in Iran’s plans. Further stating plans for oil and gas trade and swaps between the countries. In the oil and gas swap plan, Iran would supply oil and natural gas from its southern fields to Russia’s customers in the Persian Gulf, Kuwait and Bahrain, while Russia would supply oil and natural gas to the northern part of Iran.
Minister Novak revealed plans to conclude an oil and gas swap deal with Iran by the end of the year owing to technical details like transport, price, and tariff formation. Furthermore, during Novak’s visit to Iran, both countries agreed on developing a power supply network through Azerbaijan and Armenia. Also, conversations on activating the North-South corridor, the most important axes of cooperation between Iran and Russia, are ongoing to speed up oil and gas contracts.