MOSCOW -- A Gazprom delegation visited the Islamic Republic of Iran and met with Iranian oil minister, Gholamhossein Nozari and Seifullah Jashnsaz, managing director of the National Iranian Oil Co., to discuss steps towards cooperation in the oil and gas area.
Discussions included the possible creation of a joint venture to implement oil and gas exploration and development projects, and the construction of oil and gas processing and transport facilities in Iran.
The meeting members also agreed to set up a joint venture for oil and gas projects in Iran, Russia, and third countries, and discussed the possible execution of swap transactions. The Iranian party raised an issue concerning Russian gas supplies to northern Iran based on long-term agreements.
For their next meeting, at the Gas Exporting Countries Forum, the parties named the development of the global gas balance as a major challenge, and emphasized a requirement to further develop the forum as a standing international organization.
Iran is the world's second largest country in terms of proven gas reserves, with 28.13 tcm (993.4 tcf) of gas.