The memorandum of understanding (MoU) was inked by Iranian Oil Minister Javad Owji and Belarus’s Belneftekhim Chairman Andrei Rybakov on the sidelines of a meeting between Iran’s First Vice President Mohammad Mokhber and Belarusian Prime Minister Roman Golovchenko.

According to the MoU, Iran will export technical and engineering services, oil equipment, and petrochemical products to Belarus, and the two countries will cooperate in the technology-related fields and use a barter system to trade.

During his meeting with Golovchenko, Mokhber said the expansion of Tehran-Minsk relations over the past two years is expected to serve the two nations’ economic and commercial interests, as well.

The first vice president added Iran-Belarus trade volume could increase to $1 billion per year.

Oil Minister Owji, Industry, Mine and Trade Minister and Iran-Belarus Joint Economic Commission Chairman Abbas Aliabadi, Agriculture Minister Mohammad-Ali Nikbakht are accompanying Mokhber during the one-day visit to Belarus.

Mokhber was invited by Golovchenko concurrent with the 30th anniversary of official relations between the two countries.