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Russia and Iran strike $10bn energy deal

Published: April 28, 2014
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Source: RT

Iran and Russia are negotiating a power deal worth up to $10 billion. The construction of new thermal and hydroelectric plants and a transmission network are in the works.

Iran’s Energy Minister Hamid Chitchian met his Russian counterpart Alexander Novak in Tehran to discuss the power deals, according to the Mehr news agency. They include the possibility of Russia exporting 500 megawatts of electricity to Iran.

Moscow is discussing with Tehran the trade of 500,000 barrels a day of Iranian oil for Russian goods. The deal could be worth as much as $20 billion, and has rattled Washington because it could bring Iran's crude exports above a one million barrels a day which is the threshold agreed upon in the nuclear deal.

Tehran’s ambassador to Moscow Mehdi Sanaei said on Friday that the implementation of Iran-Russia energy agreements hold the key to economic expansion.

Sanaei underlined the importance of promoting of Iran-Russia cooperation and called for the implementation of oil, gas and electricity deals, according to Press TV.

Russia-Iran trade is currently worth $5 billion a year, but economists say the two countries can at least quadruple the volume of trade.

Earlier this month, Iranian Oil Minister Bijan Namdar Zanganeh said the Islamic Republic is determined to raise the volume of its “economic transactions” with Russia.

Russia's increased courting of Iran also comes as Moscow is facing mounting pressure from the West over its annexation of the Crimea peninsula. Iranian oil talks are a way for Russia to remind Western nations of its international clout.

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