Iran Economy NewsRussia, Iran to sign energy pact as projects stalled

Russia, Iran to sign energy pact as projects stalled

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Reuters: Russia and Iran will sign a “road map” to outline long-term energy cooperation, Russia’s energy ministry said on Tuesday, as Moscow’s investments in Iran are stalled because of international sanctions.

MOSCOW July 13 (Reuters) – Russia and Iran will sign a “road map” to outline long-term energy cooperation, Russia’s energy ministry said on Tuesday, as Moscow’s investments in Iran are stalled because of international sanctions.

The document will be signed on Wednesday when Iranian Oil Minister Massoud Mirkazemi meets his Russian counterpart Sergei Shmatko in Moscow, the ministry said without providing details.

“The ministers will discuss the current situation in Russia-Iranian energy cooperation and will outline prospects for future cooperation,” the statement said.

“The ministries will study issues linked to the creation of favourable conditions to intensify and make cooperation in the energy sphere between Iran and Russia more concrete,” it added.

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 now stalled because of sanctions.

The United States, Europe and the United Nations have imposed sanctions on Iran over its disputed nuclear programme.

(Reporting by Dmitry Zhdannikov; Editing by Alison Birrane)

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