In his response to a question posed by Russia’s Energy Intelligence reporter about the outlook for Russian companies’ participation in Iran’s oil projects, the minister added the National Iranian Oil Company (NIOC) started its negotiations with Russia’s leading companies several months ago and contracts for development of eight Iranian oil fields have been so far signed with Russian companies.

Owji, who made the remarks in a joint press conference with Russian Deputy Prime Minister Alexander Novak after the three-day 17th Joint Economic Commission between the Islamic Republic of Iran and the Russian Federation in Tehran, said negotiations with Russian companies about contracts on development of more Iranian oil and gas fields reached their final stage during the commission meetings and new contracts will be signed in the near future.

Export of technical and engineering services, enhanced oil and gas recovery, and oil and gas swap were among the topics the two sides discussed, he mentioned.

Out of 15 memorandums of understanding (MoUs) signed by Iran and Russia, four are related to the energy sector, said the commission cochair, adding Russian companies are keen to participate in Iran’s oil projects as they have expressed their willingness to help Iran build refinery-integrated petrochemical plants and mini LNG plants, complete petrochemical value chain, and export oil products.

Asked by the RIA Novosti reporter about the latest talks with Russia, Qatar, and Turkmenistan on formation of a gas hub in Assaluyeh, southern Iran, Owji said serious talks started some months ago and Russia has supported the initiative.

Russia, Iran, Qatar, and Turkmenistan are the world’s largest holders of gas reserves respectively, underlined the minister, adding Iran has massive gas infrastructure, particularly pipelines and gas compressor stations, which help the country play a great role in gas transit.

Iran is currently producing one billion cubic meters of sour gas per day, he concluded.