TEHRAN - Iran Mining Engineering Organization (IMEO) has signed a memorandum of understanding (MOU) with the Russian Export Center (REC) for expanding cooperation in engineering and mining areas, IRNA reported on Tuesday.

The MOU was signed by IMEO Head Taqi Nabaei and Head of the Russian Export Center Pavel Bukhanov in Tehran.

Speaking in the signing ceremony, which was attended by senior officials from both sides, Nabaei said: “According to this memorandum, the ground will be prepared for the development of cooperation between Iran and Russia, and the two countries have good capacities in the field of mining and mineral industries.”

Referring to Russia’s capabilities and advancements in the field of mining machinery, the official said: “the Russian Export Center can help Iran in importing the machinery required in the mining sector and mining industries.”

He also expressed the Iranian mining sectors’ readiness for establishing connections with their Russian counterparts for the expansion of future cooperation.

According to the Russian Federal Customs Service, the trade between Iran and Russia stood at $1.74 billion in 2018, of which $1.207 billion was for exports to Iran and $533 million was the share of Iran’s exports to Russia.

Russia has been one of the major trade partners of Iran over the past few years and the trade turnover between the two countries has been following an upward trend.

In late May, Iranian Energy Minister Reza Ardakanian and his Russian counterpart Alexander Novak, who are the chairs of the two countries' joint economic committee, discussed trade ties and investment cooperation in a phone conversation.

The two ministers discussed cooperation in the energy, mining, agricultural and transport sectors.

EF/MA