Russia to invest $44 billion in Iranian gas - oil minister

Russia will invest $44 billion in Iran for the construction of a natural gas pipeline and the development of mines, Iranian Oil Minister Javad Owji said.

"We have signed a $4bn memorandum of understanding with Russia for the development of mines, as well as a $40bn deal for the construction of gas pipelines and liquefied natural gas extraction facilities," the minister said, Vestnik Kavkaza reported on October 11.

The details of the deal were discussed at the Caspian Economic Forum, which took place on October 5-6 in Skolkovo. In addition, the Iranian oil minister met with Russian Deputy Prime Minister Alexander Novak on October 7.

Earlier, the Deputy Iranian Minister said that six oilfields and two gas fields will be developed in Iran.

Iran has the world's second-largest natural gas reserves, after Russia, but lacks the infrastructure to increase exports.