Iran-Russia energy committee to convene in Tehran

By Azernews

By Gunay Hasanova

Moscow and Tehran have discussed arrangement s to hold the next meeting of the two countries’ joint economic commission, as Iran's Ambassador to Russia Mehdi Sanaei met with Russian Energy Minister Alexander Novak in Moscow.

The two sides explored avenues for promoting economic relations and exchanged views on ways to derive the maximum benefit from the 13th meeting of the joint economic commission meeting scheduled for December 11-13, Tasnim reported.

Sanaei and Novak also agreed that the two countries sign a document to construct and operate four thermal power plants in the southern Iranian port city of Bandar Abbas within the framework of the joint economic commission.

Within the same framework, Iran and Russia would establish a joint energy commission.

Earlier, Iran’s Ambassador to Russia Mehdi Sanai said a 300-member Russian delegation, headed by Energy Minister Alexander Novak, will visit Tehran on December 13.

During the visit, construction of four thermal power plants in Bandar Abbas worth 1.289 billion euros will be discussed as well.

Earlier, a 28-member delegation, including some Russian giants as Lukoil, Gazprom, Zarubezhneft, Tatneft and Stroy Trans Gas, visited Iran Nov. 17 to become familiar with the country’s newly designed contract model, called the Iran Petroleum Contract or IPC.

Iran and Russia have ramped up efforts in recent months to boost trade following the implementation of the Joint Comprehensive Plan of Action (JCPOA), a nuclear deal between Iran and the P5+1 (Russia, China, the US, Britain, France and Germany). The JCPOA, which went into effect on January 16, terminated all nuclear-related sanctions on the Islamic Republic.

The Iran-Russia annual trade plunged from $4 billion in 2011 to $1 billion in 2013 due to the sanctions on Iran, but rose to $1.7 billion in 2014. The report says the figure increased by 30 percent in 2015, and during 9 months of 2016, the trade turnover between Iran and Russia increased by 70 percent year-on-year.