TEHRAN - At the meeting of the BRICS energy ministers in Moscow, Iran's Energy Minister has proposed the development of cooperation among the member countries of this group, including the connection of the power grid of Russia, the Islamic Republic of Iran, the United Arab Emirates, and Saudi Arabia.

In this meeting, Abbas Aliabadi pointed out the great importance of Iran's geo-economics and reminded that the Islamic Republic has the second largest gas reserves in the world and high oil resources and shares water and land borders with 15 countries.

According to Aliabadi, the joining of Iran, Saudi Arabia, the United Arab Emirates, Egypt, and Ethiopia to the BRICS group is of strategic importance, and considering the huge energy resources of these countries as well as their significant transit role in the world, this alliance can make BRICS a unique economic and political power.

He stated that Iran connects an important part of the international transit corridors leading to the Caspian Sea, the Persian Gulf, and the regions of Central Asia and the Caucasus with high security and low cost.

Iran's Minister of Energy stated that Iran intends to engage in electricity trade and transit by using the difference in temperature and horizon by connecting its electricity network to all countries with a common land border.

He suggested that Russia's electricity network be connected to the United Arab Emirates and Saudi Arabia through Iran, and in this way, reducing investment in the production sector, it would help the environment and expand security in the region.

“BRICS group accounted for about 32 percent of the world's economy in 2023, and this figure is very significant compared to the 30 percent share of the seven major industrialized countries of the world (G7),” He reminded, adding that the basic question is whether this large economic group can organize its trade exchanges within the bloc with a single currency.

***Iran welcomes investment in its energy sector

While referring to Iran's experience in paying energy subsidies and its consequences, Aliabadi said: “Iran has significant capabilities in electrical equipment production in the distribution, transmission, and production sectors, including high-efficiency thermal power plants, renewable farms, electric power plants, refineries, and petrochemicals.”

“Relying on this capability, Iran can cooperate with BRICS countries in these sectors and plans to attract capital with attractive formulas from the financial resources available in the BRICS nations,” he said.

Iran's Minister of Energy further emphasized: “We believe that ensuring everyone's access to affordable, reliable, sustainable, and modern energy for sustainable development is a priority and should be on the agenda of this group and other countries.”

The BRICS group should provide the most efficient ways to eradicate energy poverty and ensure universal access to energy, through the modernization of national energy systems, diversification of energy sources, and efficient use of all fuels and advanced technologies, he said.

“In this framework, Iran has diversified its energy production portfolio and intends to benefit from the BRICS group's capacity in this field,” the official added.

EF/MA