The following is the full text of Mr. Owji’s address at the Tuesday meeting.

Excellencies, Distinguished Audience, Ladies and Gentlemen

I would like to thank the Russian government, and the organizers of the 16th meeting of the joint commission for economic cooperation between the Islamic Republic of Iran and the Russian Federation .May I also thank you all for the warm hospitality accorded to us.

We are opening this meeting in an atmosphere full of friendship and brotherhood between the two nations and under the full support of our presidents.

Iran and Russia are two big neighbors in the region that have wide commonalities in geographical, political, economic and cultural fields. Fortunately, due to the determination of the high officials of the two countries and negotiations in recent years, bilateral and multilateral relations in the direction of securing common interests and helping to ensure regional and international stability, peace and security have a growing trend. I am sure it will continue and deepen.

For Iranian side, the Ministry of Petroleum of the Islamic Republic of Iran, is the trustee of the joint commission for economic cooperation between the two countries. We not only try to expand strategic cooperation in various fields of energy, but also support the cooperation between all Iranian and Russian ministries, organizations, and companies.

According to the agreements between the presidents of Iran and Russia, the consolidation and development of relations between the two countries has been pursued more seriously than before. The visit of the high-ranking Russian delegation headed by Mr. Novak to Tehran shows the serious determination of the parties to further expand bilateral cooperation.

I believe that a historic opportunity has arisen for Iran and Russia and the two countries have become closer than ever before. The cooperation between Iran and Russia will not only lead to the growth of the two countries, but will also provide the basis for the development of other countries in the region.

In this meeting, we will define joint economic projects with win-win goals. The results of the groups' efforts indicate that strong steps have been taken. I am sure that if we all work harder, the process of cooperation will accelerate.

I hope that as soon as possible we can help each other overcome the obstacles and implement the following axes:

1-Establishing extensive banking cooperation to create a suitable and reliable payment system to facilitate trade and investment.

2-Swap of energy carriers, especially gas, crude oil and petroleum products, and development of Iran's gas export markets with the participation of the Russian side.

3-The Russian side's investment in various sectors of Iran's oil industry, especially the development of the value chain of petrochemical products, oil refining and field development.

4-Developing the North-South Corridor, especially with a focus on the full use of the existing capacity and infrastructure development.

5-Mutual acceptance of the standard system of the two countries with the aim of developing trade.

6-The exchange of agricultural products, including the import of grain from Russia and the export of tropical agricultural products to Russia, and the use of Iran's position to become a hub for the transit and swap of Russian agricultural products.

7-Creating a common fund for regional and global investments

8-The agreement of the guarantee funds of the two parties to issue mutual guarantees for the companies with the aim of reducing the risk of trade and investment.

Today, our colleagues in various working groups, including trade and economy, finance and banking, transportation and customs, industry and mining, agriculture, energy, health, scientific, research and technology, will finalize the 16th Memorandum of Understanding on Economic Cooperation between the two countries.

I hope these negotiations and MoU will lead to the signing of fruitful documents and contracts between the ministries and private companies of the two countries.

Iran's Ministry of Petroleum will use all its power to follow up the agreements. Because we believe that the agreements made are a blueprint for a stronger structure of cooperation between the two countries, and the construction of this structure requires serious follow-up. Based on this, monitoring the status and speed of implementation of the agreements, removing possible obstacles and inconsistencies, and defining new activities will be on my agenda in the Ministry of Petroleum of the Islamic Republic of Iran.

I wish every success for the participants in this gathering and I hope the outcomes of today’s discussions contribute positively to strengthening of very friendly relations of our nations.

The Iranian head of the Joint Economic Commission of Iran and Russia stated that both Iran and Russia are under cruel sanctions, adding: “I am sure that we can neutralize these sanctions by relying on the existing capacities between our countries.”