Gazprom of Russia and the Iranian National Gas Company signed a memorandum of understanding outlining potential areas of cooperation.
The deal was signed during the meeting between Gazprom’s deputy chairman Alexander Medvedev and Hamid Reza Araqi, Iranian deputy oil minister and the managing director of NIGC.
During the meeting in Teheran, the two parties discussed bilateral cooperation in the energy sector.
Under the MoU that outlines potential areas of cooperation, the two companies agreed to establish joint working groups.
Speaking following the signing of the MoU Araqi said that the two countries both have substantial gas reserves enabling them to oursue joint interests in the gas market.
During the next two months, the working groups, defined by the two sides, will hold expert sessions and “we hope the MoU will turn into a contract,”
Araqi noted, adding that gas swap is among the sectors the two companies can cooperate on.
Iran that shares the giant South Pars gas field, with Qatar, has been looking to expand its footprint in the international gas market since the lifting of the sanctions in January.
Over the course of the year, Iran been evaluating several options to place its gas on the international market by setting up an LNG facility or through utilizing LNG plants abroad.
LNG World News Staff