TEHRAN - Russia's energy giant Gazprom signed a memorandum of understanding with the National Iranian Oil Company to cooperate in the Iran LNG project which is estimated to cost $4 billion.

Gazprom CEO Alexey Miller and NIOC Managing Director Ali Kardor signed the agreement in Tehran on Wednesday.

On the sidelines of the signing ceremony, Iranian Oil Minister Bijan Namdar Zanganeh said the method of cooperation will be specified in coming months, Shana reported.

As per the agreement, Gazprom should conduct financial and technical studies over the course of six months and finalize its offer for holding a stake in the project.

Miller said for his part that the Russian company will present results of study on four Iranian gas fields, namely Farzad A, Farzad B, North Pars, and Kish in the first quarter of 2018 to the Iranian Oil Ministry.

MG