Tehran, Iran— Iran and Russia have agreed to sign new contracts on developing oil and gas fields, according to the oil ministers of the two countries.
Iranian Oil Minister Javad Owji held talks with Nikolay Shulginov, the Minister of Energy of Russia, on the sidelines of the GECF Summit in Algeria on Saturday, where the two sides agreed to sign new contracts.
During the meeting, the two sides conferred on the creation of a gas hub in the Eurasian region in the SCO framework, the development of oil and gas fields, as well as the implementation of existing contracts.
Favorable negotiations were also held regarding the signing of new contracts for the development of oil and gas by the two countries.
Owji and Shulginov also discussed the process of the implementation of the agreements reached over the connection of the power grids between Iran and Russia.
The GECF summit is an annual event that brings together heads of state and government from member countries. It provides a platform for leaders to discuss issues related to the global gas industry, including market trends, challenges, and opportunities. Iran is set to host the GECF summit in 2027.