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Solution found to Russian-Iranian oil contract

December 18, 2014, 18:07 UTC+3 MOSCOW MOSCOW December, 18. /TASS

There is a complex of problems, but on the whole the issue is settled, the Russian president said at the news conference

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© Iliya Pitalev/TASS

MOSCOW, December 18. /TASS/. A solution was found to the Russian-Iranian oil contract, but some problems remained, Russian President Vladimir Putin told the annual end-of-year conference.

“The contract, about which you said… We are sincerely seeking to implement it. You are not right when you say that we have nobody to be in charge of it. Our energy minister (Alexander Novak) repeatedly visited Iran and invited his partners here. It was a very complicated process to find a compromise mutually acceptable solution. Finally, it has been found,” Putin said in reply to the question of an Iranian journalist why there was no progress in the implementation of the oil agreement between Russia and Iran.

Putin said the implementation met with difficulties. “There are problems with calculations. There is a complex of problems. But on the whole, we have settled it,” he said, adding that “both sides’ will is needed”.

The oil contracts must be profitable for the companies, he said.

“We are sincerely interested in it, and we will do it. We will work to broaden and increase the trade turnover,” Putin added.

On November 30, Russian Economic Development Minister Alexey Ulyukayev said supplies from Iran under the oil-for-goods program would begin soon.

But a memorandum of August 6 on mutual understanding, but not the barter deal, determines cooperation between Russia and Iran in the oil sector for the present.

According to Reuters, Iran declared readiness to supply up to 500,000 barrels of oil a day to Russia (25 million tons a year) in exchange for Russian goods and equipment.

Under consideration were supplies of grain and participation of Russia’s Tekhnopromexport company in the energy infrastructure construction in Iran, as TASS was told.

The deal was estimated at about 1.5 billion dollars a month.

But in September, after a meeting of the Russian-Iranian intergovernmental commission, Russian Energy Minister Alexander Novak said Russia did not plan yet to get oil from Iran. He said Iranian oil could be supplied through Russian traders.

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