Iran, Russia to Sign Deal for Selling Moscow Oil: Minister

Iran, Russia to Sign Deal for Selling Moscow Oil: Minister

TEHRAN (Tasnim) - Iranian Oil Minister Bijan Namdar Zangeneh announced that the country plans to sign a deal with Moscow within the next two weeks to sell 100,000 barrels per day of oil to Moscow.

Briefing the media on his meeting with Russia’s Energy Minister Alexander Novak in Tehran on Tuesday, Zangeneh said the deal would provide Iran with an opportunity to find new customers.

The minister said that Russia had expressed willingness to cooperate with Iran for long-term regulation of the country’s oil market.

"During the meeting, we agreed to hold a workshop in Moscow over the next few weeks on the new model of Iranian oil contracts,” he said, Press TV reported.

Zangeneh emphasized that member states of the Organization of the Petroleum Exporting Countries as well as non-OPEC producers were committed to crude production cut agreed during the latest OPEC meeting in Vienna.

Touching on Tehran's negotiations with New Delhi for the development of Iran's joint Arash gas field, the Iranian petroleum minister said no deal had yet been finalized due to a difference over the project cost between the two sides.

“It seems unlikely that we can reach a deal with India. So Iran may start talks with others companies for the project,” he added.

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