Russia, Iran to play more active role in oil, gas markets

The bilateral energy cooperation is of that much importance that Iranian oil Minister Javad Owji traveled to Moscow prior to Raeisi's visit, IRNA wrote.

Owji said that Iranian and Russian oil and gas companies held different meetings in recent months, which ended up in some important contracts. Certain MoUs can play key role in oil industry, because both countries are significant players in the world energy sector, and the capacities of Russian and Iranian companies can help bolster this industry in Iran, he added.

As to Russia's gas swap through Iran, the minister explained that the two sides discussed the issue, adding that Turkmenistan's gas swap to Azerbaijan Republic via Iran has come into operation; so, Iranians have suggested Russia's gas swap from Azerbaijan Republic to southern Iran to be re-exported to everywhere throughout the globe.

Given the facts and figures, Russia and Iran possess around 35 percent of world gas reserves. Both countries are also close to gas markets in Asia and Europe; so, they may be susceptible to falling in the trap of competing to attain bigger share of the market, but Moscow and Tehran pursue expansion of cooperation particularly in oil and gas sectors.

Russians have developed big projects in particular in deep waters and they can share their experiences in gas extraction and other projects related to gas industry.

Russia and Iran have inked some important documents to develop oil and gas fields as well as petro-refinery, and cooperate in sharing technologies.