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Iran sees no limits to expansion of economic ties with Russia: Oil Minister

Source: Tehran Times

Iran sees no limits to expand economic ties with Russia, Iranian Oil Minister Bijan Namdar Zanganeh said. Iran and Russia will hold their 11th joint economic committee meeting in Tehran on September 9-10.

"The two sides will explore ways to expand economic ties, particularly in agriculture, transportation, mining, energy, and technology transfer," the Shana news agency quoted Zanganeh as saying on Saturday.

On August 5, Zanganeh and Russian Energy Minister Alexander Novak signed a five-year memorandum of understanding in Moscow to expand trade and economic cooperation.

The agreement provides for closer cooperation in a number of areas, including in the construction and overhaul of generating facilities, the development of electric grid infrastructure, in the oil and gas sector, and in the area of trade in machinery, equipment, consumer goods, and farming products.

Non-oil trade between Iran and Russia amounted to $1.1 billion in the previous Iranian calendar year, which ended on March 20, 2014, according to the Iran Customs Administration.

Iran exported $316.5 million of non-oil goods to Russia and imported $758.3 million of non-oil goods from Russia.

... Payvand News - 09/07/14 ... --

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