MOSCOW (Sputnik) — Russia's energy giant Gazprom and National Iranian Oil Company (NIOC) signed on Tuesday a memorandum on cooperation in natural gas sector.
The document was signed following talks between Russian President Vladimir Putin and Iranian President Hassan Rouhani in Moscow.
At the same time, Russia and Iran will continue to cooperate within the framework of the Gas Exporting Countries Forum (GECF) which aims for a balance in the interests of producers and consumers.
"The sides agreed to continue the constructive cooperation within the framework of the Gas Exporting Countries Forum, which aims to form a fair balance of interests of producers and consumers of gas, as well as a broader use of this economically effective and ecologically clean fossil fuel in the global energy balance, including in order to reduce greenhouse gas emissions," the statement read.
Moreover, Russia and Iran will continue cooperation with an aim of stabilizing the global energy market and ensuring conditions for stable economic growth.
"[Russian President Vladimir] Putin and [Iranian President Hassan] Rouhani welcomed the agreements of the OPEC [Organization of the Petroleum Exporting Countries] member states and other oil producing countries which favours balancing supply and demand in the oil market in an acceptable price range, as well as maintaining the investment attractiveness of the oil industry. Russia and Iran will continue to cooperate in this area in order to stabilize the global energy market and ensure sustainable economic growth," the statement read.
