Iran signs $40 billion deal with Russia.Iranian Petroleum Minister Javad Ovzi said in a statement in Tehran that his ministry has signed a cooperation agreement worth nearly $40 billion with Russian energy giant Gazprom. The Iranian side will follow the progress of the agreements, which include the construction of LNG complexes in Iran as well as the development of Iran’s gas fields and gas export transmission lines, a state media outlet quoted Ouji as saying on Wednesday.

According to the report of Xinhua news agency, Iran has started swapping oil and petroleum products with Russia and is discussing the possibility of swapping gas with Russia.

Iran’s deputy foreign minister for economic diplomacy, Mehdi Safary, said in October that Iran plans to import Russian gas while exporting Iranian gas to overseas markets, a move that would allow Iranian gas from the country’s southern regions. Their country would benefit by reducing the cost of relocating. PLC/GT

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