Iran signs deal to supply 50 gas turbines to Russia

Iran has signed a contract with Russia to supply it with 40 turbines to help its gas industry amid Western sanctions, Shana news agency reports.

Iranian Gas Engineering and Development Company's CEO Reza Noushadi said the country’s "industrial successes are not limited to the fields of missiles and drones".

"Currently, 85 percent of the facilities and equipment needed by the gas industry are built inside the country, and based on this capability, a contract has recently been signed to export 40 Iranian-made turbines to Russia," he added.

Russia and Iran hold some of the world's largest gas reserves, and are both under strict US sanctions. Both countries have in recent months stressed the importance of enhancing bilateral cooperation.

Russia has reduced or halted supplies to different European nations following the imposition of economic sanctions over the Ukraine conflict.

Russia on Monday accused Western countries of having "essentially stolen" its gold and foreign exchange reserves via sanctions.

Asked by reporters about a European Union proposal to transfer frozen Russian assets to Ukraine, Kremlin Spokesman Dmitry Peskov said: "In general, a large part of our assets have been essentially stolen by specific Western countries."

The Kremlin says sanctions have prevented the proper maintenance of Russian gas infrastructure and, in particular, blocked the return of a Siemens turbine that had been undergoing repairs in Canada.

Noushadi said the US sanctions on Russia are aimed at excluding Moscow from the gas market.

"In recent years, the United States of America has widely set up LNG production plants, and recently, with the all-out embargo on Russia and then the explosion in the Nord Stream gas pipeline, it effectively eliminated one of its biggest competitors in gas exports," he noted.

Russia's President Vladimir Putin visited Tehran in July where he called for stronger "long-term cooperation" with Moscow.

Hours before the visit, the National Iranian Oil Company (NIOC) and Russia’s Gazprom signed a “historic” deal worth $40 billion for joint investment in oil and gas projects. 

NIOC’s Managing Director Mohsen Khojastehmehr said the deal was the largest foreign investment commitment on record in the entire history of the Iranian oil industry. 

ME