TEHRAN - Iran will sign an agreement with Russia to start exporting 100,000 barrels per day of crude oil to the neighboring country by the next two weeks, Shana reported quoting Iranian oil minister as saying.

Bijan Namdar Zanganeh made the remarks after a meeting with Russian Energy Minister Alexander Novak in Tehran on Tuesday.

Novak visited Iran to attend the inauguration ceremony of a 1,400-megawatt thermal power plant project financed to the tune of €1.2 billion by Russia in the city of Sirik, southern Iran.

According to 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.

Further in his remarks, the Iranian minister expressed appreciation for Russia’s positive cooperation with the Organization of the Petroleum Exporting Countries (OPEC) regarding the last November’s decision to cut production levels.

Novak said on Monday that Russia is cutting down its oil production in February ahead of the OPEC deal schedule, Reuters reported.

“In February, we are going ahead of the schedule planned for this month,” Novak told reporters.

EF/MA/MG