Sep 4, 2019, 7:48 PM
Journalist ID: 2382
News Code: 83465466
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Energy Minister highlights Russia's readiness to invest $10 billion in Iran oil sector

Moscow, Sept 4, IRNA - Iranian Energy Minister Reza Ardakanian, who heads the Iranian side of Iran-Russia Commission on Economic Cooperation, declared Russian side's readiness to start talks on investing $10 billion in Iran's oil projects.

In an exclusive interview with the Islamic Republic News Agency (IRNA), Ardakanian elaborated on achievements of his second trip and meeting with the Russian energy minister and head of Russian side of the Joint Commission Alexander Novak, and said that in the near future these negotiations will begin and we hope to achieve good results in this regard.

In another part of his interview, he pointed to Iran's tentative presence in the Eurasian Economic Union as of first week of October, and said that "we have missed many opportunities because of the lack of organized and targeted presence in the markets of the region and we should not lose any more".

Arguing that this may be the first treaty that Iran will actually gain active experience in it, Ardakanian pointed out that a good market is in front of "us because it has a population of about 200 million and we will be among the members by October and after the trial period we can finally become a member of this free trade zone.

The Iranian Minister said that a lot of work is need in Iran's private sector to organize and plan because Iran has lost many opportunities in the past due to the lack of organized and targeted presence in the regional markets and "we should not repeat this experience anymore and I think Russia too will consciously lead" the regional market, with substantial investment in the sector.

The Russians have given their market of 140 million to several other countries in the region to sell their products in this market using preferential tariffs and sometimes zero tariffs on some commodities, a market worth $ 753 billion a year, he said. It is a business transaction and an opportunity that should not be overlooked.

Working with neighbors is a priority for Iran, and the more investment "we have in developing our relations with neighboring countries and the region, there is no doubt that we will benefit in the national interest", in other words, investment for developing relationships with neighbors is within the national interest.


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