Russian Oil, Gas Deals in Iran Could Potentially Cost $20Bln – Energy Minister

© Sputnik/ Aleksey Nikolskyi
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Energy Minister said that Russia estimates the potential of the agreements on exploration and production of oil and gas in Iran at $20 billion.

TEHRAN (Sputnik) – Russia estimates the potential of the agreements on exploration and production of oil and gas in Iran at $20 billion, Russian Energy Minister Alexander Novak said on Wednesday.

"The potential of agreements in this sphere could be valued at $20 billion," Novak said in an interview with Rossiya 24 broadcaster.

On Tuesday, Novak met with Iranian Petroleum Minister Bijan Zangeneh in Tehran to discuss the situation on global oil-and-gas markets as well as the bilateral cooperation.

Novak denied on Monday that negotiations on gas swaps were underway between the two partners. He initially said last August that Moscow and Iran were mulling building a liquefied natural gas (LNG) plant in southern Iran to swap LNG for Russian natural gas deliveries through Azerbaijan to Iran’s north.

Zangeneh said in November 2015 that Russia and Iran had agreed to cooperate on oil and gas swaps and were working out details.

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