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Russia’s VEB is drafting agreement with Central Bank of Iran on €2 bln loan — minister

November 12, 2015, 15:58 UTC+3
Energy projects in Iran will be distributed mainly by tender, but Russia counts on preferences
1 pages in this article
Russia’s Energy Minister and co-chairman of the Russian-Iranian intergovernmental commission Alexander Novak

Russia’s Energy Minister and co-chairman of the Russian-Iranian intergovernmental commission Alexander Novak

© Yekaterina Shtukina/Russian government press service/TASS

MOSCOW, November 12. /TASS/. Russia’s state-owned bank VEB is drafting an agreement with the Central Bank of Iran on €2 bln loan, Russia’s Energy Minister and co-chairman of the Russian-Iranian intergovernmental commission Alexander Novak said on Thursday.

"Management of Vnesheconombank said an agreement is under preparation between VEB and the Central Bank of Iran on an export credit in the amount of €2 bln," Novak said.

Funds may be used for implementation of infrastructural projects, particularly to finance electrification of Iranian railways, the minister said.

Iran’s Finance Ministry has applied to Russia’s Finance Ministry for export credit loan worth $5 bln. "Mr. Vaezi [Iran's Minister of Communications and Information Technology - TASS] has met with Finance Minister Siluanov and management of the Central Bank. We’re searching for various tools to finance different projects, including intergovernmental lending," Novak said, adding that the decision may be made after its approval by core departments.

Projects in Iran will be distributed mainly by tender

According to the minister, projects in Iran will be distributed mainly by tender. However Russia counts on preferences, he added.

Russia's Zarubezhneft is interested in developing the Shangule oilfield in Iran. The Russian company already signed a memorandum on this field, Novak said.

Zarubezhneft is one of the most active companies interested in the Iranian market, the minister said. Its specialization in oil recovery factor increase is one of its competitive advantages, Novak added.

Rostec’s subsidiary to take part in implementation of energy projects in Iran

Technopromexport, the subsidiary of the Russian state-owned Rostec corporation, will take part in implementation of energy projects in Iran. The relevant agreement was signed on Thursday after the meeting of the Russian-Iranian intergovernmental commission in Moscow.

The agreement provides for implementation of energy projects in Iran, particularly power generation at steam thermal power plants of Iran.

TASS reported earlier Technopromexport signed an agreement of intent with Iranian Tavanir on cooperation in electric power sector. Construction of pen power units with the total capacity of nearly 3,000 MW, power transmission line and substation is the case in point.

No direct influence of Iran’s entering global crude market on oil prices

The minister said he sees no irect influence of Iran’s entering the global crude market on oil prices.

"In fact, there is no direct influence here as we should take into account overall balance of supply and demand. I think analytical agencies and market watchers long ago took into consideration what volumes may be supplied to the market by our Iranian colleagues," Novak said.

Russia and Iran discuss settlements in national currencies

Alexander Novak also said Russia and Iran are discussing an opportunity of making payments in national currencies

"We are looking for different instruments making possible to finance projects," the minister said. "I mean use of national currencies, development of trade and balance that will enable forming sources for mutual settlements," Novak added.

Russia and Iran may increase goods turnover to $10 bln in nearest future

The official considers it possible to increase the goods turnover between Iran and Russia to $10 bln in the coming future.

"I think we may reach $10 bln in the nearest future. We have a project in nearly every field," the minister said.

 Russia and Iran are still considering an opportunity of implementing the "oil for goods" agreement.

"We anticipate using this mechanism to have sources for financing of joint projects," Novak said.

"Some deals may be implemented within the framework of such agreements," the minister added without giving details of their timeframe.

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