Gazprom, NIOC Ink Mou in Hydrocarbon Exploration, Production Within Iran

Russian President Vladimir Putin and his Iranian counterpart Hassan Rouhani oversaw the signing of a memorandum between Gazprom and National Iranian Oil Company (NIOC) in Moscow on March 28, the Russian gas monopoly said in a press release.

In accordance with the document, the parties will examine the avenues for cooperation in the field of hydrocarbon prospecting, exploration and production within Iran, Gazprom said.

At the same time, Russia and Iran will continue to cooperate within the framework of the Gas Exporting Countries Forum (GECF), which aims for a balance in the interests of producers and consumers, Sputnik reported.

"The sides agreed to continue the constructive cooperation within the framework of the Gas Exporting Countries Forum, which aims to form a fair balance of interests of producers and consumers of gas, as well as a broader use of this economically effective and ecologically clean fossil fuel in the global energy balance, including in order to reduce greenhouse gas emissions,” the statement read.

Moreover, Russia and Iran will continue cooperation with an aim of stabilising the global energy market and ensuring conditions for stable economic growth.

Putin and Rouhani welcomed the agreements of the Organization of the Petroleum Exporting Countries and other oil producing countries, which favours balancing supply and demand in the oil market in an acceptable price range, as well as maintaining the investment attractiveness of the oil industry. Russia and Iran will continue to cooperate in this area in order to stabilise the global energy market and ensure sustainable economic growth, the statement read.