Russia Ready To Invest In Iranian Oil Projects

Tehran, Oct 15, IRNA - An Iranian energy official announced Russia's readiness to invest in the oil projects of the country. “Russians have announced that they will invest in our country’s oil projects, but we have not discussed the financing of the oil projects,” said the Managing Director of the National Iranian Oil Company Rokneddin Javadi on Tuesday. Javadi also said Iran has reduced its oil prices in coordination with the global markets. Last month, Russian Energy Minister Alexander Novak visited Tehran, during which Iran and Russia signed projects worth €70 billion to develop their trade and economic ties. The minister said Russia is ready to export products and services to Iran. Novak also said Russia is interested in Iran’s oil and gas market after US-led sanctions imposed on Iran over the country’s civilian nuclear program led to restrictions on the activities of foreign companies in Iran’s oil sector. Russia can initiate a big movement in Iran’s oil industry if certain rules and regulations on trade cooperation are improved in Iran./end