How far did the oil negotiations between Iran and Russia go?

According to Energy Press, the volume of trade between Russia and the Islamic Republic of Iran increased by 48% in the first three months of 2024 compared to the same period last year. Also, based on the results of the first three months of 2024, Russia’s exports to Iran have increased by 77% and the country’s imports from Iran have increased by 13%.

Recently, the officials of the two countries negotiated with each other, reviewed all the items on the agenda of the relations between the two countries during the last three years, and negotiated about Russia’s investment in Iran’s new oil fields, and made good decisions and the progress of work in the field of industry, oil and gas, power plant, Nuclear power plant No. 2 Bushehr, Banki, North and South Corridor and Rasht-Astara railway line were inspected.

In this meeting, new agreements and decisions were made about solving challenges in joint projects, especially in the oil and gas and petrochemical industries.

Development of 7 oil fields in Iran with the investment of Russian companies

As Javad Ojee – Minister of Oil announced, seven oil fields are currently being developed in Iran with the investment of various Russian companies, and 220,000 barrels of Iran’s daily oil production are among those fields in which the Russians have invested. The investment of Russian companies in new oil fields in Iran was also discussed in this meeting.

He mentioned the discussion about the export of petroleum products and petrochemical products and the transfer of technology as another focus of his negotiations with the Russian authorities and said: Iranian specialists are currently meeting the needs of Russian companies in the upstream and downstream areas of the oil industry, and in return, a series of industry requirements Iran’s oil and gas are supplied through Russian companies, and all these issues were raised in the meetings we had with Russian statesmen and good decisions were made.