AlwaysFree: Russian Companies May Build Up Oil Output In Iran Next Year — Novak

• "The volumes will rise even further the next year, and new fields will be developed," Russian Deputy Prime Minister said

According to TASS, Russia's state-owned news agency article published on November 1, 2022, russian companies may increase oil production in Iran next year, Russian Deputy Prime Minister Alexander Novak said at a press conference following a meeting of the Russian-Iranian intergovernmental commission.

"The energy sector, which includes the oil and gas business as well as the electric power industry, is essential to us. Iranian oil production investment projects are already being carried out with the participation of Russian companies. The volumes will rise even further the next year, and new fields will be developed," he said.

Novak added that Gazprom would soon reach agreement on the technological parameters of projects in Iran and may sign contracts on these projects by the end of November. "Gazprom will soon clinch approvals on the technological parameters, since a memorandum was signed this summer, and now the delegation is working on specific fuel and energy complex projects. We hope that agreements and contracts will be inked by the end of November," he said.

A memorandum on strategic cooperation was signed in Tehran on July 19 by Gazprom and the Iranian National Oil Company. In particular, the development of oil and gas fields in Iran, exchange operations with natural gas and oil products, large-and small-tonnage LNG projects, the construction of gas pipelines, as well as scientific, technical, and technological cooperation were all explored in the agreement.

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