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Iran intends to attract Russian investment for the development of oil fields

23 December 2020 12:32 (UTC +04:00)

Iran intends to attract Russian investment for the development of oil fields, said Iranian Oil Minister Bijan Zanganeh, APA’s bureau in Tehran reports.

Iran is hoping to not only attract investments into its oil industry, but looking to increase its energy cooperation with Russia to offset the harsh U.S. sanctions that have reduced its oil exports over the last year.

Note that Russian deputy Prime Minister Alexander Novak met with the Iranian Oil Minister this week.

“A broad range of trade and economic cooperation matters is also successfully explored between our countries. Although this year has become a tough challenge for the whole global community, economic relations between Russia and Iran do not lose prior dynamics but become more active and meaningful instead,” Novak said.