TEHRAN –Iran and Russia signed eight memorandums of understanding (MOUs) in the last day of the 15th Iran-Russia Joint Economic Committee meeting which was wrapped up on Tuesday in Isfahan.

In the closing ceremony, the final document of the two countries’ 15th Joint Economic Committee meeting was signed by the Iranian Energy Minister Reza Ardakanian and his Russian counterpart Alexander Novak, Mehr news agency reported.

Other signed documents include the concluding statements of the third Iran-Russia joint provincial cooperation working group, the 10th joint transportation working group, the sixth joint water working group.

An MOU was also signed for cooperation between the Institute of Standards and Industrial Research of Iran and Russia’s Federal Agency on Technical Regulation and Metrology (Rosstandart).

The two sides inked yet another MOU regarding economic, commercial, industrial, and transit cooperation and also in development of port and freight services.

Iranian Society of Consulting Engineers and Russia’s National Association of Construction Engineering Consultants (FIDIC) also signed an MOU for mutual cooperation.

Another MOU was signed between a subsidiary of the Iranian energy ministry called SATKAB and a Russian company to collaborate in manufacturing energy industry’s required equipment.

Cooperation in oil, gas, petchem sectors 

The two sides also signed an MOU for energy cooperation at the end of the two countries’ third energy working group meeting which was held on Monday.

As reported, cooperation in areas like exploration, extraction, production and investment in the oil, gas, petrochemical industry was emphasized in the MOU.

Synchronization of the two countries’ standards for oil industry equipment was another article covered in the MOU, which with its implementation the parties could use each other’s technical equipment in the oil and gas industry.

Bilateral cooperation in the Caspian Sea region was another issue which was agreed upon in the MOU. In this regard Iranian Research Institute of Petroleum Industry and the country’s energy research institutes are going to have close cooperation with their Russian counterparts.

Garmsar–Ince Boroun electrification to start in 2 months

On the sidelines of the 15th Iran-Russia Joint Economic Committee meeting, the sides also discussed and agreed on the details of the Garmsar–Ince Burun railway electrification project.

“During the event, positive negotiations were held in various sectors, including the electrification of Garmsar–Ince Boroun railway, and given the progress made in the negotiations, the project is expected to start within the next two months,” Ardakanian said after meeting with his Russian counterpart Alexander Novak on Tuesday.

Islamic Republic of Iran Railways (known as RAI) is collaborating with the Russian Railways for the electrification of Garmsar-Ince Bouron line.

According to Saeed Rasouli, the previous head of RAI, the electrification of Garmsar-Ince Bouron line requires technically advanced equipment and technology, and the production process of these equipment has already begun in Russia.

The 15th Iran-Russia Joint Economic Committee meeting and the second Iran-North Caucasus trade conference kicked off on Saturday in Tehran and the two countries energy ministers co-chaired the event.

Meanwhile, the second Iran-North Caucasus trade conference was also held, and the Minister of North Caucasus Affairs of the Russian Federation Sergei Chebotarev and Reza Ardakanian also attended this conference.

EF/MA