November 28, 2022

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Iran, Russia to take lead in global oil market: MP

TEHRAN – An Iranian lawmaker has said that the signing of a cooperation agreement between the Russian Federation and the Islamic Republic of Iran, two major energy producers, might open the door for both countries to seize the lead on the world oil market, IRNA reported on Saturday.

In light of the fact that all nations are in desperate need of energy resources, according to Mahmoud Abbaszadeh Meshkini, the signing a memorandum of understanding (MOU) between Moscow and Tehran in oil and gas industry could have an impact on regional developments. 

Russia and Iran are significant hubs for producing oil and gas in the world. On July 19, the National Iranian Oil Company (NIOC) signed a strategic MOU with Russia’s Gazprom to cooperate in oil and gas industry projects valued at about $40 billion.

The MOU was signed by NIOC Head Mohsen Khojasteh-Mehr and Vitaly Markelov, deputy chairman of the Gazprom management committee.
The development of Kish and North Pars gas fields, increasing the recovery factor of South Pars field, development of six oil fields, swapping gas and petroleum products, completion of LNG projects, construction of gas export pipelines, and cooperation in other scientific and technological areas are among the most important axes of the signed memorandum.

Khojasteh-Mehr said signing the memorandum with Gazprom can be considered one of the biggest foreign investments in the history of Iran’s oil industry.
“The National Iranian Oil Company does not ignore any investment opportunity,” the NIOC chief said.

MP Meshkini said the 40-billion-dollar investment is seen as a major change in Iran’s oil industry that may guarantee successful outcomes and economic prosperity for the Islamic nation.

“European are not interested in sanctions on energy industry”

Abbaszadeh Meshkini, who sits on the Parliament’s National Security and Foreign Policy Committee, said if the strategic agreement between Moscow and Tehran is put into effect, the two countries will be able to control the global energy market and set energy prices, which will be advantageous for both sides.

He added that Russia and Iran supply a significant portion of the world’s energy needs, and the West is heavily dependent on energy. He also noted that European nations are not interested in imposing sanctions on the energy industry.

Notably, he observed, U.S. sanctions could not prevent Russia and Iran from signing MOUs and agreements, saying that Moscow and Tehran have characterized their relationship as a strategic partnership, and both countries are eager to cooperate within this framework.

A deep strategic partnership between Russia and Iran has been sparked by developments in the international arena, the lawmaker said, adding that this partnership is anticipated to have positive outcomes for both countries. 

This partnership includes economic exchanges in addition to political and security cooperation, he opined.

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