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Gazprom signs energy co-operation deal with Iran

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Gazprom signs energy co-operation deal with Iran


The Russian energy giant Gazprom has signed an agreement to help Iran develop its oil and gas fields, just days after the French company Total dropped out of a similar multi-billion euro deal.

No financial details have been made public, but observers say the agreement signals Tehran’s determination to forge closer ties with Russia to exploit its energy resources, as political pressure makes Western countries more reluctant.

Iranian state television reported that Gazprom wants to participate in Iran’s big oil and gas projects, like the one in the South Pars field.

The South Pars field in the Gulf has around 14 trillion cubic metres of gas, representing around eight percent of the world’s reserves.

In addition, Iran sits on the world’s second largest oil reserve. It is the number four crude producer worldwide and the second in OPEC.

Total said last week that it was pulling out of a deal to develop phase 11 of the South Pars field, saying it was currently too politically risky to invest in Iran.

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