Russia eager to expand oil ties with Iran
Russian Energy Minister Alexander Novak underlined that his country is resolved to continue oil cooperation with Iran within the framework of exchanging oil for goods.
“Oil cooperation between Tehran and Moscow was based on a deal signed between the two countries in 2014,” the Russian energy minister was quoted as saying by Fars News Agency.
The Russian official expressed hope for a surge in Iran’s crude exports to Russia, noting that the deal allows elevation of oil exchange volumes to five million barrels per day.
Iran signed an agreement with Russia in 2014 under which it has broken free from the petrodollar, and sells, or rather barter crude oil to Russia in exchange for products.
In relevant remarks, Iranian Oil Minister Bijan Namdar Zanganeh had reported on plans to ship 100,000 barrels of oil per day to foreign markets with assistance of Russians.
“On the basis of a joint agreement, Iran delivers 100 thousand barrels of crude oil per day to Russia who, in turn, deploys the product to certain other countries,” he had stated following a meeting with Novak.
“Fifty percent of the worth of shipped consignments will be paid to Iran in cash in specific intervals while the remaining part will be allocated to imports of Russian commodities for which there is a demand in the Iranian market,” Zanganeh had underlined.