Shafaq News/ Iran andRussia have agreed to build a new nuclear power plant in Iran with financingfrom a Russian-funded credit line, Iranian Oil Minister Mohsen Paknejadannounced Friday after the 18th Joint Economic Cooperation Commission inMoscow.
Paknejad said theproject will include completing the second and third phases of the Bushehrnuclear power plant, emphasizing that Iran and Russia will continue cooperatingon the peaceful use of nuclear energy.
On trade, RussianEnergy Minister Sergey Tsivilyov said bilateral trade rose 16.2% in 2024 to$4.8 billion. He added that both governments believe there is room forsignificantly higher trade volumes. Paknejad echoed that view, saying the fullimplementation of existing agreements could push trade from around $4 billionto $6 billion.
Tsivilyov alsoannounced that Tehran will host the commission’s 19th session. The figures marka recovery in trade ties after a decline in 2023.
The two sides signedagreements to expand cooperation in the upstream oil and gas sectors, includingfield development and technology sharing. Paknejad said Tehran and Moscow arefinalizing memoranda of understanding with Russian energy giant Gazprom, aimingto start by importing Russian gas into Iran.
“Only a few technicaldetails remain before finalizing import volumes, with future plans for gasswaps and transits to other countries.”
Paknejad added thatIran and Russia are also deepening their economic and strategic cooperationthrough regional organizations such as the Shanghai Cooperation Organization,BRICS, and OPEC+.
The announcementfollows Russia’s ratification of a 20-year strategic partnership agreement withIran, signed by Presidents Vladimir Putin and Masoud Pezeshkian in January. Thepact outlines long-term collaboration in sectors including defense, energy, agriculture,finance, and technology.
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