Speaking to IRNA, Novak said he discussed the issue of granting a $5b loan to Iran in the meeting with the visiting Iranian Energy Minister Reza Ardakanian.
There are some projects which are underway at the moment, he said adding that they will be implemented by presenting governmental loan from Russia.
He said they have reviewed the renovation and construction of thermal and water power plants, constructing new railway and delivering subway wagons to Iran.
Novak noted that Iran and Russia have already signed the necessary protocol and agreements and the projects are underway.
Elaborating on Russia cooperation with Iran in oil field in sanction era, he said Russia has always been against any limitation and sanctions by third countries on producing and selling products.
Commenting on oil extraction and sale, Novak said that Russia is establishing cooperation with Iran in the framework of oil for product mechanism.
The mechanism was established in 2014 and two countries signed an agreement, Novak noted.
Some of the oil consignments have been extracted for third countries and Russian goods have been exported to Iran, he reiterated.
He went on to say that it is a good instrument that could help develop trade and also be a source for financing the export of Russian crops and industrial products to Iran.
The minister believed Iran and Russia as two countries that play a good role in the international oil market should promote cooperation.
Novak earlier acknowledged good neighborly relations and partnership of Iran and Russia, saying both countries are determined to promote cooperation.
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