Increased Russian share in Iranian oil and $25 billion nuclear deal

Pars Today – The 19th Iran–Russia Joint Commission opened, focusing on expanding cooperation in energy, nuclear, and trade sectors.

According to Pars Today, citing IRNA, Mostafa Barzegar, Director General for Europe, the Americas, and CIS countries at Iran’s Ministry of Oil, announced the expansion of energy cooperation between Iran and Russia. He said Russian companies have now invested in seven Iranian oil fields, with “about 6% of the country’s oil production carried out by Russian firms,” and that “the projected outlook aims to increase this share to 12%.”

Mostafa Barzegar, Director General for Europe, the Americas, and CIS countries at Iran’s Ministry of Oil, said that the 19th Iran–Russia Joint Commission is a three-day meeting attended by senior officials, aimed at expanding cooperation in energy, trade, transportation, and agriculture. At the conclusion, a final document and several side agreements will be signed.

Barzegar announced the signing of a $25 billion memorandum of understanding for the construction of new, small-scale nuclear power plants.

He stated that the first phase plans include annual imports of 55 billion cubic meters of gas from Russia, and electricity imports via Azerbaijan are also on the agenda. Over 75% of the 193 clauses approved in the previous commission have already been implemented.

Barzegar added that the current trade volume between the two countries is around $5 billion, with a target to increase it to $20 billion per year. He emphasized that completing the North–South Corridor and the Rasht–Astara railway are key infrastructures for developing economic and transit exchanges between Iran, Russia, and regional countries.