MOSCOW (PIN) -- Iran has proposed the establishment of a joint gas company with Russia.

The idea was discussed at the seventh session of the Iran-Russia Joint Economic and Commerce Commission in Moscow, Iranian Foreign Minister Manuchehr Mottaki said on Thursday.
He added that the joint company could carry out projects in countries rich in resources, in particular in the Central Asian republics and the Persian Gulf countries, Rosbusinessconsulting.com reported.
Iran also made an offer to expand cooperation with Russia in the banking sector by opening bank divisions or joint banks to finance Russian-Iranian projects. Mottaki pointed out that transport connections between the two countries need to be improved.
The 7th session of the Iran-Russia Joint Economic and Commerce Commission opened in Moscow on Thursday and was co-chaired by Mottaki and Russian Atomic Energy Agency chief Sergei Kiriyenko.
Addressing the session, Kiriyenko stressed the necessity to expand bilateral cooperation between Tehran and Moscow.
He called Russian President Vladimir Putin’s recent visit to Iran “very important”, saying it showed Russian resolve to expand relations with Iran.
Mottaki arrived in Moscow Thursday.
Prospects for bilateral cooperation in various fields to develop economic ties and enhance the level of trade were discussed during the meeting.
Iranian and Russian experts have held sessions within the framework of commerce, energy, and transportation committees since Tuesday to draft agreements and survey ways to promote cooperation in the future.
The Iranian and Russian co-chairmen of the commission underscored the necessity to expand bilateral ties on Thursday.
Mottaki and Kiriyenko said that the two countries’ leaders are determined to develop economic ties in all fields.
According to the Russian official, Iran-Russia commerce doubled during the first nine months of 2007 compared to the same period last year and has exceeded $2.2 billion.
However, Kiriyenko described the level of cooperation as low and called for strenuous efforts to expand cooperation.
The sixth session of the Iran-Russia Joint Economic and Commerce Commission was held in Tehran in December 2006..