Iran's Ministry of Petroleum has released some details of the US$40 billion oil and gas cooperation memorandum signed with Russia.
According to the Iranian Fars news agency, the Iranian Ministry of Petroleum disclosed in an annual performance report that the country will purchase 9 million cubic meters per day of natural gas from Russia in the near future through Azerbaijan .
In addition, Iran will also obtain 6 million cubic meters of natural gas from Russia every day according to the exchange agreement, and export it from southern Iran to other countries after processing it into the form of liquefied natural gas (LNG).
In July this year, on the same day that Russian President Putin visited the capital Tehran , Iranian National Oil Corporation (NIOC) and Gazprom reached an oil and gas field development agreement worth about US$40 billion. One of the highlights is that the two countries reached a consensus on the exchange of natural gas and oil products.
At the same time, according to the agreement, Gazpromise will help Iranian National Oil Corporation develop natural gas fields in Kish and North Pars and six other oil fields, and help South Pars gas fields supercharge. In addition, Gazprom will also help build liquefied natural gas (LNG) projects, as well as natural gas export pipelines to Pakistan and Oman , etc.
Kish, North Pars and South Pars gas fields are all huge natural gas fields located in the Persian Gulf . Among them, the South Pars gas field is jointly owned by Iran and Qatar , and is the largest natural gas field in the world.
The CEO of Iranian National Oil Company said at the time that this was one of the largest foreign direct investment agreements in the history of Iran's oil industry. Russia's investment in Iran's oil industry was only $4 billion before signing the new agreement. Iran ranks second in the world in natural gas reserves, second only to Russia, but the sanctions imposed by the United States have hindered Iran's access to technology and slowed down the country's development of natural gas exports. Since Russia launched the "special military operation" in February this year, the United States and its Western allies have also imposed multiple rounds of sanctions on Russia in many areas such as energy.
Earlier this month, European Commission Chairman von der Leyen planned to set a price limit for natural gas exports to Russia, but because of few support countries, they may have to turn to the " huge profit tax " on the excess profits of energy companies. Russian President's press secretary Peskov once pointed out that after Europe rejects Russian gas, Gazprom will be more actively seeking alternative buyers.
According to Qatar Al Jazeera on August 28, energy affairs researcher Soharab Rostami believes that the Russian-Ukrainian conflict has caused an energy crisis on the European continent, but it has opened up prospects to evade US sanctions and transport Iranian energy to Europe.
Rosta pointed out that the confrontation between the West and Russia will drive Western countries to rush to import energy from Iran, and increasing natural gas exports will also increase Iran's position among natural gas exporters. He stressed that according to existing statistics, Russia has a gas surplus of 75 billion cubic meters, while Iran is able to import nearly 20 billion cubic meters without using capital to build new pipelines.
Rostami said that if Tehran fails to take advantage of the current opportunity, the Russians will look for new customers, such as Pakistan and Afghanistan , and both will become competitors of Iran's natural gas.
Political affairs researcher Said Shawadi pointed out to the TV station that in the future, cooperation between Iran and Russia is likely to evade Western sanctions.
Shawadi said that after the Ukrainian crisis, Moscow was under pressure from the West, but this pressure is no stranger to Iran, which has been sanctioned by the West for decades, and Iran will repay the Russians because they have supported it more than once in United Nations Security Council .
Peskov has previously stated that Russia and Iran will strengthen cooperation to minimize the impact of Western sanctions; and as bilateral cooperation continues to deepen, the two countries will eventually abandon the US dollar in bilateral transactions.
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