He said oil from Iran would be supplied to Russia as well. “Concrete volumes will be determined depending on the market needs,” he added.
“The implementation of the agreement with Iran will create conditions for tapping the potential of trade and economic cooperation between our countries, which should boost bilateral trade with more Russian goods and services going to Iran in such areas as metallurgy, ore mining, car making, machine-and ship-building, agriculture, and pharmaceutics,” the minister said.
“Our Iranian partners have already determined some of their needs with a focus on the supply of pumps and compressors, gas turbines, rolled steel, pipes, equipment for power plants, wheat, legumes and oil crops, meat, wood and wood products, equipment and machinery for tanning and textile industries. Iran is also interested in joint construction of power generation facilities and coal field development,” Novak said.
On August 5, Russia and Iran signed a memorandum of understanding for the next five years.