Iran calls for forming oil, gas joint venture with Russia

Mohammadreza Nematzadeh, Iran's Minister of Industry, Mine and Trade, has proposed to organize oil and gas joint ventures between the two countries, SHANA news agency reported.

Speaking at a meeting with Russian Energy Minister Alexander Novak, the Iranian minister noted that the level of Iran’s exports to Russia has been halved over the last year, while Russia has doubled its exports to Iran.

Nematzadeh further called for creating a proper balance in the level of exports between the two countries through increasing Iran’s exports to Russia in the fields of raw materials, agricultural products, automobiles and automotive parts, medicinal drugs as well as equipment.

The Iranian minister also urged for cooperation between the two countries in helicopter and vehicle manufacturing.

In turn, the Russian minister vowed to make efforts aimed at increasing Iran’s exports to his country. Novak expressed Russia's interest in cooperation with Iran in vehicle manufacturing.

A Russian company is also expected to launch a plant in Iran for producing agricultural equipment, Novak added.

Over the first seven months of the current Iranian calendar year (starting March 20), the Islamic Republic exported $86.5 million worth of goods to Russia.

In the meantime, Iran imported $106.6 million worth of goods from Russia.

Novak headed a 600-member Russian delegation during his Tehran visit discussing the ways for broadening trade ties between the two countries.