TEHRAN, Iran — Gazprom and National Iranian Oil Co. (NIOC) have signed a memorandum of understanding, according to news service Shana.
NIOC CEO Mohsen Khojastehmehr said the MoU, covering investments of about $40 billion, represents one of the biggest foreign direct investment deals in the history of Iran's oil and gas industry.
He added that Iran and Russia were both eager to strengthen their strategic ties, with Iranian President Ebrahim Raisi and Minister of Petroleum supporting the promotion of economic relations and investment in oil and gas fields.
Highlights of the MoU include development of the Kish and North Pars gas fields in the Persian Gulf, pressure enhancement at the South Pars Field, development of six oil fields, a gas and product swap, completion of LNG projects, and construction of gas export pipelines.
It comes at a time when the US and EU have been looking to improve relations with Iran, while at the same time stepping up sanctions on Russia.