Tehran (IP) — In a significant development, Iran and Russia have signed a memorandum of understanding (MoU) for the transfer of natural gas from Russia to Iran, a move that is set to strengthen the region's energy security considerably.

Iran PressIran news: Speaking in a televised news program, the Iranian Minister of Petroleum, Javad Owji highlighted the importance of the deal, stating that it is the culmination of the Ebrahim Raisi administration's successful energy diplomacy approach, which has been guided by the Leader of the Islamic Revolution and the efforts of the late Foreign Minister Hossain Amir-Abdollahian.

"The deal marks the culmination of the energy diplomacy approach's success with great achievements for both sides," the minister said.

Iran and Russia together hold 60 percent of the world's natural gas reserves, and the minister noted that the two countries have also been cooperating in the development of Iranian oil fields, with six fields now producing 250,000 barrels per day.

Furthermore, the cooperation between the two countries extends to the petrochemical sector, with satisfactory progress in areas such as exports, catalysts, and knowledge-based equipment.

According to the Minister of Petroleum, Iran's gas network has the potential to transfer 1.2 billion cubic meters of gas per day, and the Iran-Russia gas transfer deal will meet the energy security needs of Iran and its neighboring countries, while also delivering significant economic benefits to both nations.

The historic agreement between Iran and Russia is poised to reshape the regional energy landscape, solidifying the two countries' position as key players in the global gas trade and enhancing the overall energy security of the region.


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Iran, Russia sign security MoU for cooperation