Lates News

On April 25th local time, Russian Energy Minister Novak and Iranian Oil Minister Zanganeh held the 18th Russia-Iran Governmental Joint Economic and Trade Cooperation Committee meeting in Moscow, discussing various issues including implementation of energy projects. After the talks, Russian Energy Minister Novak stated that the trade volume between Russia and Iran increased by 16.2% to reach $4.8 billion in 2024, and still has growth potential. Iranian Oil Minister Zanganeh stated that with the Iran-Eurasian Economic Union free trade agreement coming into effect on May 15th, bilateral trade volume is expected to increase by another $4 to $6 billion. Russian Energy Minister Novak also mentioned that the project to transport Russian natural gas to Iran through Azerbaijan is about to commence, with an annual delivery volume of 1.8 billion cubic meters. Once the final pricing negotiations are reached, gas supplies can start within the year. (CCTV News)