Iran, Russia sign MoU for petroleum investment

TEHRAN, July 19 (Xinhua) -- Tehran and Moscow on Tuesday signed a memorandum of understanding, based on which the latter is expected to make an investment worth roughly 40 billion U.S. dollars in Iran's petroleum industry, the Iranian Oil Ministry's news service Shana reported.

The document was signed during an online ceremony on Tuesday by Mohsen Khojasteh-Mehr, CEO of the National Iranian Oil Company, and Vitaly Markelov, deputy chairman of the Management Committee of Russia's Gazprom.

The development of Iran's Kish and North Pars gas fields, as well as six oilfields, boosting pressure in the South Pars Gas Field, completion of LNG projects, swap of gas and petroleum products and construction of gas transfer pipelines, are among the most important highlights of the memorandum, according to the report.

Khojasteh-Mehr also said the substantial Russian investment in Iran's oil industry indicates the two countries' commitment to ensuring sustainable energy supply.

Russian President Vladimir Putin arrived in Iran on Tuesday for a summit with his Iranian and Turkish counterparts on the Syrian conflict and bilateral ties meetings.