TEHRAN - The head of the National Iranian Oil Company (NIOC) and Russia’s deputy energy minister have stressed the expansion of bilateral cooperation through joint oil projects.

According to Shana, Hamid Bovard met on Monday, February 17, with Roman Marshavin, Russia’s deputy energy minister, to discuss enhancing Iran-Russia collaboration in the energy sector and the development of oil and gas fields.

Bovard emphasized the importance of deepening ties with Russia and establishing long-term relations, stating that Iran’s vast oil industry offers ample opportunities for cooperation. He noted that joint projects could pave the way for sustained and expanded collaboration between the two nations.

Marshavin welcomed stronger ties with Iran, saying, “We seek to expand cooperation with Iran and fully support all joint projects between the two countries.”

Iran and Russia have strengthened their energy ties in recent years as part of broader efforts to counter Western sanctions. In 2022, the two countries signed a $40 billion memorandum of understanding, under which Russian energy giants pledged to invest in Iranian oil and gas fields, including the development of the Kish and North Pars gas fields. Russia’s state-owned Gazprom has also committed to assisting Iran in gas liquefaction and pipeline infrastructure projects.

More recently, Tehran and Moscow have been working on new financing mechanisms to bypass U.S. dollar-based transactions, enabling smoother energy trade. In January, Iran’s oil minister announced that a portion of Iran’s oil exports to Russia is being settled in rubles and rials, reflecting both countries’ push for de-dollarization.

Additionally, Iran has increased its crude oil swaps with Russia, particularly through the Caspian Sea, allowing Moscow to maintain its export flows despite Western restrictions. Last year, Iran received several shipments of Russian crude for domestic refining and re-export via the Persian Gulf, a strategy that has helped both nations navigate sanctions while boosting energy cooperation.

EF/MA