Iran, Russia Intend to Cooperate on Gas Hub and Oil

Moscow and Tehran aim to implement mutual cooperation, in particular on a gas hub and the development of oil fields in Iran, Iranian Oil Minister Mohsen Paknejad said at the 18th meeting of the intergovernmental commission on trade and economic cooperation between Russia and Iran.

"[The first point is] cooperation in the oil industry and technology, implementation of the agreements that we have with Gazprom. The second is cooperation in the creation of a gas hub, in the area of oil products swap," he said, The Caspian Post reports, citing TASS.

The Iranian minister also mentioned cooperation with Russian companies to develop oil fields in Iran based on existing agreements, joint projects in the field of peaceful nuclear energy.

Iran's oil minister announced the countries' plans to develop the North-South route, build a railway as part of the project, and expand partnership in the banking sector with the creation of a reliable infrastructure for investment. Russia and Iran are also developing cooperation in agriculture.