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  4. Iran and Russia's Gazprom sign primary deal for energy cooperation
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Iran and Russia's Gazprom sign primary deal for energy cooperation

LONDON (Reuters) -The National Iranian Oil Company (NIOC) and Russian gas producer Gazprom (MCX:GAZP) signed on Tuesday a memorandum of understanding worth around $40 billion,...
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Iran and Russia's Gazprom sign primary deal for energy cooperation © Reuters. FILE PHOTO: Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration

LONDON (Reuters) -The National Iranian Oil Company (NIOC) and Russian gas producer Gazprom (MCX:GAZP) signed on Tuesday a memorandum of understanding worth around $40 billion, Iran's oil ministry's news agency SHANA said.

The deal was signed during an online ceremony by the CEOs of both companies on the day Russian President Vladimir Putin arrives in Tehran for a summit with his Iranian and Turkish counterparts.

Gazprom will help NIOC in the development of the Kish and North Pars gas fields and also six oil fields, according to SHANA. Gazprom will also be involved in the completion of liquefied natural gas (LNG) projects and construction of gas export pipelines.

Iran sits on the world’s second-largest gas reserves after Russia, but U.S. sanctions have hindered access to technology and slowed development of gas exports.

Putin's visit to Tehran is being watched closely as Russia's invasion of Ukraine has reconfigured the global oil and gas market, pushing prices to high levels which contribute to higher living costs and rising consumer inflation.

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01-05-2024 10:45:17 (UTC+7)

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 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
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 Allianz266.60↑ Sell
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 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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