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Iran, Russia sign agreement on energy cooperation

Vienna, March 16, IRNA - Iran's Minister of Oil Gholam-Hossein Nozari signed a letter of understanding on energy cooperation with Russian Minister of Energy Sergei Shmatko on Sunday evening.

The document was singed on the sidelines of the Sunday's 152nd meeting of the Organization of Petroleum Exporting Counties (OPEC) in Vienna.

Oil ministers from OPEC member states gathered to discuss whether the organization should reduce its production ceiling or not.

Based on the agreement, Tehran and Moscow would cooperate in various fields of exploration and development of the Iranian oil and gas fields, particularly in South Pars region.

The two sides also agreed to cooperate on swapping crude oil.

Two working groups are to be established to follow up implementation of the agreements, Nozari told IRNA.

... Payvand News - 03/16/09 ... --

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