Tehan (IP) – The National Iranian Oil Company and Russia's Gazprom inked a memorandum of understanding worth about $40 billion on Tuesday.

Iran PressIran News: The MoU was inked during an online ceremony on Tuesday by NIOC CEO Mohsen Khojastehmehr and Deputy Chairman of the Gazprom Management Committee Vitaly Markelov.

The development of Kish and North Pars gas fields, pressure enhancement of South Pars field, development of six oil fields, gas and product swap, completion of LNG projects, construction of gas export pipelines, and other scientific and technological cooperation are among the most prominent provisions of the MoU.

The oil and gas deal is reportedly the largest in Iran’s history.

Iran-Russia ties under Raisi’s administration have been put on a new path, and the two states pursue expanding relations in all economic and political areas.

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