TEHRAN – Russian Energy Minister Alexander Novak said on Friday that deal parameters for deliveries of Iranian oil to Russia under the "oil-for-goods" program have been finalized and the process can start shortly.

According to a report by Tass, the exchange is going to take place via Promsyryeimport affiliate of the Russian Energy Ministry.

Earlier in February, Iran had announced signing an agreement with Russia to export 100,000 barrels of crude oil per day to the country in the form of an oil-for-goods program.

According to Iranian Oil Minister Bijan Namdar Zanganeh, 50 percent of the oil payment will be in cash and the other 50 percent will be in the form of products and services.

EF/MA