Iran, Russia to Form Joint Energy Venture

Source:

"The two sides also agreed on the implementation of 15 new oil and gas projects. . ."

Iran and Russia have agreed to establish a joint investment company in a bid to facilitate the cooperation in the field of energy.

Russian Energy Minister, Sergei Shmatko and Iranian Oil Minister, Masoud Mirkazemi reached the agreement in Tehran on Sunday, SHANA news agency reported.

The two sides also agreed on the implementation of 15 new oil and gas projects, the construction of an oil refinery near the Caspian Sea, and gas swap as well.

According to Shmatko, Russia's largest petrochemical holding SIBUR is negotiating with Iran's National Petrochemical Company over the construction of major petrochemical plants in Iran.

SIBUR has been negotiating with Iran's National Petrochemical Company over this issue for about a year, the company's President Dmitry Konov stated.

According to him, the bilateral cooperation resulted in establishing a joint venture, which will build a petrochemical plant producing bulk polyolefin, Itar-Tass reported.

The Russian Energy Minister Sergei Shmatko arrived in Tehran on Sunday to attend the eighth meeting of Iran-Russian Joint Economic Commission.

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