Iran signs contracts worth $6.5 billion in gas sector with Russia

Iran and Russia have signed contracts worth around $6.5 billion for cooperation in the gas sector, a Minister announced here.

The newly signed deals are parts of the memorandum of understanding (MoU) valued at $40 billion signed between the National Iranian Oil Company (NIOC) and Russia’s Gazprom in July, that have recently turned into contracts, Xinhua news agency quoted Deputy Foreign Minister for Economic Diplomacy Mehdi Safari as saying on Monday.

Safari expressed hope that the remaining parts of the MoU would also turn into contracts within one month, adding that negotiations in this regard are underway.