TEHRAN – Iranian Oil Minister Javad Oji said on Sunday that the country has started collaborating with some Russian companies for bartering and swapping petroleum products in the Caspian Sea region, Shana reported.

“We have started working with some Russian companies for exporting, bartering, and swapping oil products from the Caspian Sea region,” Oji said.

According to the minister, Iran has the capacity to export, barter, and swap 10 million tons of such products with Russia.

“Both Iran and Russia have very good capacities in the fields of oil, gas, and petrochemicals; Fortunately, during this period, we have signed deals worth nearly four billion dollars for developing fields and [deals worth] 40 billion dollars for the construction of gas export lines and LNG units,” he added.

The official noted that the oil ministry has prepared contracts for the development of fields in the form of a new model, in which the investor is insured and supported in all aspects by the Oil Ministry and the Government of the Islamic Republic of Iran.

“This type of contract is very attractive for Russian investors and fortunately, considering the importance of energy that we all know about in the world today, it has created a golden opportunity to sign other contracts with Russians in the future,” Oji said.

Russia finalizing plan to develop 8 oil, gas fields in Iran

Deputy Oil Minister for International Affairs Ahmad Asadzadeh also said on Sunday that Russia is developing a comprehensive development plan for six oil fields and two gas fields in Iran and contracts for these fields are planned to be signed by the end of the current Iranian calendar year (late March 2023).

Referring to Oji’s visit to Moscow to participate in the Caspian Economic Conference, Asadzadeh said: “In this visit, the minister met with Alexander Novak, the deputy prime minister of Russia, and consulted on holding a joint commission in Russia from October 30 to November 1 and it was decided that the two sides should finalize and prepare the road map for cooperation as soon as possible.”

EF/MA