Russia looking at more investment into Iranian oil production


Russia is mulling additional investment in Iran’s oil production, Energy Minister Alexander Novak told reporters at the Eastern Economic Forum on Thursday.

"The issue is about development in the oil sector in the first place," he said without specifying the projects in question.

Iranian Energy Minister Reza Ardakanian said earlier in a comment to the country’s Islamic Republic News Agency (IRNA) regarding his visit to Moscow on September 2 that Russia is ready to invest $10 bln in Iran’s oil and gas industry.

The US withdrew from the Iranian nuclear deal on a unilateral basis and imposed sanctions against the country’s oil exports in the spring of 2018. As of May 2019, Iran’s crude production hit its lowest level since the 1980s, while exports amounted to 810,000 barrels per day, though in the previous year the country exported 2.6 mln barrels per day.

The fifth Eastern Economic Forum is being held in Russia’s Vladivostok on September 4-6. Roscongress Foundation is the organizer of the event. TASS news agency is the event’s general information partner, the official photo hosting agency and moderator of the presentation zone focusing on the Russian Far East’s innovation opportunities.

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