NIOC (Tehran) – Iran’s deputy oil minister for international affairs and trade here on Monday said a high-ranking delegation from Russia will visit Tehran to sign cooperation documents.

Ahmad Asadzadeh added the two sides are scheduled to ink the documents on the sidelines of business-to-business (B2B) meetings coinciding with the 27th Iran International Oil, Gas, Refining and Petrochemical Exhibition.

He said heads of Iran-Russia Joint Economic Commission – Iran’s Oil Minister Javad Owji and Russian Deputy Prime Minister Alexander Novak –   held phone talks today.

The Russian delegation will attend the opening ceremony of the exhibition, also known as Iran Oil Show 2023, said Asadzadeh, continuing the Russian officials, including Russian Central Bank Elvira Nabiullina, will discuss Moscow-Tehran cooperation in banking, transit, oil, gas, and petrochemical sectors.  

Iran Oil Show 2023, which will be held at Tehran International Permanent Fairground from May 17-20, is to host more than 1,500 Iranian and foreign oil, gas and petrochemical companies, knowledge-based firms, start-ups, and universities.

According to the Secretariat of Iran-Russia Joint Economic Commission, the two sides’ delegations comprising four working groups for trading oil, gas, and petrochemical products, investment and export of technical and engineering services, manufacture, supply and repair of oil equipment and technological and knowledge-based cooperation will exchange views on boosting bilateral trade ties.

The meetings are aimed at familiarizing the Iranian and Russian delegations with each other’s regulations, incentives for investment in Iran, and investment opportunities in its oil, gas, and petrochemical industries.

Relations and cooperation between Iran and Russia, the two largest holders of the world’s oil and gas reserves, have been put on a new track under the Raeisi administration, prompting the two countries to seek the expansion of their ties in different areas, including economic and energy sectors.