Iran, Russia enhance energy cooperation New contracts on oil & gas fields

In a bilateral meeting held on the sidelines of the GECF Summit in Algeria, Iranian Oil Minister Javad Owji and Russian Energy Minister Nikolay Shulginov reached a significant agreement to sign new contracts for the development of oil and gas fields.

The discussions, held on March 2, covered various aspects of energy collaboration between the two nations, Caliber.Az reports, citing Iranian media.

During the meeting, Owji and Shulginov delved into plans for establishing a gas hub in the Eurasian region within the SCO framework, emphasizing the strategic importance of regional cooperation. The development of oil and gas fields and the progress of existing contracts were key focal points, underlining the commitment to mutual economic growth.

The negotiations also saw both parties express optimism about the upcoming signing of fresh contracts, signaling a continued partnership in advancing their energy sectors. Additionally, discussions centered on the implementation process of agreements concerning the interconnection of power grids between Iran and Russia, marking progress in bilateral infrastructure development.

The GECF summit, an annual gathering of heads of state and government from member countries, provided a conducive platform for these high-level talks. Leaders convened to discuss pertinent issues related to the global gas industry, covering market trends, challenges, and opportunities. Notably, Iran is slated to host the GECF summit in 2027, underscoring its pivotal role in shaping the future of the global energy landscape. The meeting between the Iranian and Russian ministers reflects a shared commitment to fostering stronger energy ties, contributing to the stability and development of both nations.