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Russia can start gas supplies to Iran with small volumes of up to 2 bcm a year — Putin

Russia and Iran are also discussing cooperation in the oil sector, the president said

MOSCOW, January 17. /TASS. The construction of a gas pipeline from Russia to Iran is underway, deliveries at the first stage may amount to 2 billion cubic meters with the prospect of increasing them to 55 billion cubic meters, Russian President Vladimir Putin said at a press conference following talks with Iranian President Masoud Pezeshkian.

"The projects (the gas pipeline to Iran and the North-South corridor - TASS) are in progress, both projects are very important, very interesting. If we talk about the volumes of possible deliveries, then we believe that we need to start with small volumes, up to 2 billion cubic meters, and in future volumes of deliveries to Iran can reach 55 billion cubic meters of gas per year," he said.

Russia and Iran are also discussing cooperation in the oil sector, Putin added.

"There are always difficulties. Both on one project, and on the second, and on all the others. Some questions always arise that require: a) coordination; b) taking into account the situation that is developing in one or another area of the economy, in logistics, in transport, in energy. There are many issues. This includes price coordination. Different approaches to it," the Russian President noted.

On Russian gas supplies to Iran

In late June 2024, Gazprom and the National Iranian Gas Company signed a strategic memorandum on the development of the organization of Russian gas supplies to Iran. The parties also discussed priority steps to implement the memorandum and other areas of cooperation in the energy sector.

Later, the Iranian side noted that about 300 million cubic meters of gas will be supplied daily from Russia to Iran via the Caspian Sea. Based on the terms of the agreement, Iran will be able to resell surplus of imported gas to other countries. The agreement is concluded for 30 years, and it will bring Iran about $10-12 billion annually.

Earlier, Russian Deputy Prime Minister Alexander Novak said that Moscow and Tehran were discussing, with the participation of Qatar and Turkmenistan, the creation of an energy hub, as well as swap supplies to northern Iran and the possibility of creating an electronic gas trading platform in the south of the Islamic Republic. In the fall of 2023, then Iranian Oil Minister Javad Owji said that Tehran and Gazprom had identified joint projects worth $40 billion.