Iran is currently negotiating with Russia over the possibility of oil and gas swaps, Iran’s energy information network Shana reported on Monday.
“Iran and Russia can have effective cooperation in oil and gas trade and swaps. Cooperation with Russia is a sustainable policy in our plans,' stated Bijan Zangeneh, Iranian minister of petroleum during a meeting with Russian Energy Minister Alexander Novak in Tehran.
In accordance with the swap plan, Russia would supply oil and natural gas to the northern part of Iran, while Iran would supply oil and natural gas from its southern fields to Russia’s customers in the Persian Gulf, including Kuwait and Bahrain.
Iran and Russia also agreed on the development of a power supply network between the two countries via Azerbaijan and Armenia, during Novak’s visit to Iran.
Many countries and international energy companies have negotiated with Iran to develop Iran's oil and gas fields since International sanctions on Iran were lifted on Jan. 16.
By Ugur Ertas
Anadolu Agency
ugur.ertas@aa.com.tr