Iran and Russia sign energy roadmap

Jul 14, 2010 02:00 AM

Iran and Russia signed a "roadmap" in Moscow outlining long-term energy cooperation and said they would aim to set up a joint bank to help fund bilateral projects.
Russian Energy Minister Sergei Shmatko and Iranian Oil Minister Masoud Mirkazemi signed the pact according to which the two countries would aim to increase cooperation in transit, swaps and marketing of natural gas as well as sales of petroleum products and petrochemicals for a period of 30 years.

The two sides agreed to study the possibility of establishing a joint bank to finance those projects and work out mechanisms to use national currencies, exchange technical knowledge in oil and gas exploration, and cooperate in the field of renewable energies as well.
"Sanctions will not hinder us in our joint cooperation," Sergei Shmatko said, when asked about joint projects after the signing ceremony.

Mirkazemi said the sanctions have had no impact on Iran because it had begun to rely even more on its own resources and said the measures were only damaging the activities of companies that were willing to work with Iran.
Russian oil and gas majors Gazprom, Gazprom Neft and LUKoil, have signed billions of dollars worth of deals to help Iran develop its oil and gas fields but most projects are on hold because of sanctions.

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