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Russia, Iran mull projects worth $40 billion — Russia’s energy minister

October 21, 2015, 17:18 UTC+3 MOSCOW
The volume of trade worth $1.68 billion registered in the end of 2014 does not reflect the potential of the two economies
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Russia’s Energy Minister Alexander Novak

Russia’s Energy Minister Alexander Novak

© Alexander Astafyev/Russian Government Press Service/TASS

MOSCOW, October 21. /TASS/. Russia and Iran mull projects worth $40 billion, Russia’s Energy Minister Alexander Novak said as quoted by the press service of his ministry.

Novak, who is also a co-chairman of the Russian-Iranian intergovernmental commission, summed up the results of his current visit to Iran.

"I do not agree that we are late with our arrival to the Iranian market. We started this work much earlier than other countries and in the last 2 years we managed to achieve a lot - we have already agreed on a list of projects worth up to $40 billion," Novak said.

According to him, the volume of trade worth $1.68 billion registered in the end of 2014 does not reflect the potential of the two economies.

"Our economic and trade cooperation historically developed on the principles of friendship and good neighborly relations, today we are at a new stage. Iran is our important strategic partner," Novak said.

Among the main directions of cooperation between Russia and Iran Novak singled out joint projects on exploration and mining, upgrade of thermal power plants, supply of Russian equipment and technology in such sectors as communications, space, transport, including maritime and in the construction of railway infrastructure.

During the talks the parties discussed ways of financing of joint projects, which in particular includes the creation of a joint Russian-Iranian bank.

On Wednesday, Novak discussed cooperation in energy sector with Iran’s Minister of Petroleum Bijan Namdar Zangeneh and Energy Minister Hamid Chitchian.

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