A $40 billion memorandum of understanding was signed on Tuesday by the Russian gas producer Gazprom and the National Iranian Oil Company (NIOC), according to the Iranian news agency SHANA.
On the day when Russian President Vladimir Putin is scheduled to meet with his Iranian and Turkish counterparts in Tehran for a meeting, the agreement was signed in an online ceremony by the CEOs of the two enterprises.
According to SHANA, Gazprom will assist NIOC in developing six oil fields in addition to the gas fields in Kish and North Pars. The completion of LNG projects and the building of pipelines for gas export will also be handled by Gazprom.
Iran has the second-largest gas reserves in the world behind Russia, but American sanctions have made it difficult for the country to obtain technology and have halted the growth of gas exports.
Putin’s visit to Tehran is being widely monitored because of how the Russian invasion of Ukraine has changed the global oil and gas market, driving up prices and increasing consumer inflation.
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