Iranian Oil Minister Bijan Namdar Zanganeh and Russia’s Energy Minister Aleksandr Valentinovich Novak have attended the high-profile meeting.
Information obtained by Tasnim reporter suggests that the ministerial meeting revolves around the exchange of technological and engineering expertise in oil projects, easing the way for investment by the private sectors of the two energy-rich nations, and facilitating financial transaction to boost the exchange of crude and oil products between Iran and Russia.
On August 5, Russia’s Energy Ministry released a statement, saying Zanganeh and Novak had signed a five-year memorandum of understanding.
RT reported that the agreement envisages wider economic cooperation, which includes closer ties in the oil and gas sector, construction and rebuilding of generating capacity, development of power supply network infrastructure, machinery, consumer goods, and agriculture.