Hamid Bord, head of Iran's Ministry of Oil, today (Tuesday, November 5) on the sidelines of the eighth summit of the Gas Exporting Countries Forum (GECF) in Moscow, discussed cooperation capacities in the energy sector with Alexey Miller, CEO of the Russian state-owned company Gazprom. These discussions highlight the importance of international cooperation in the field of energy and oil and gas.
Gas Trade Agreements Between Iran and Russia
Bord also announced on Monday (November 4) during a meeting with Sergey Tsiolkov, the Russian Minister of Energy, that general agreements regarding the gas trade contract between Iran and Russia have been made, and negotiations to finalize this contract are progressing. This contract could significantly impact strengthening economic and energy relations between the two countries.
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Russian Investments in Iran's Oil and Gas Fields
During the meeting with the Russian Minister of Energy, Bord referred to the progress of cooperation in various energy sectors between Tehran and Moscow and discussed the investment of Russian companies in Iran's oil and gas fields. These fields, due to their rich oil and gas reserves, can provide suitable opportunities for foreign investment, especially from major Russian companies.
The eighth summit of the Gas Exporting Countries Forum was held today with the presence of the leaders of member countries and their high-ranking representatives in Moscow. This summit provides an opportunity to discuss strategic issues in the gas industry and strengthen cooperation among gas-producing and exporting countries. The GECF member countries include 12 main countries that together hold about 70% of the world's proven natural gas reserves, 38% of commercial production, and 42% of global gas exports.
According to Masoud Pezeshkian, the President at the leaders' summit, GECF member countries should enhance their cooperation in two areas: "governance and strategic management" and "technical-engineering operations." He emphasized that focusing on market stability and how to increase the volume of natural gas trade at regional and global levels is a priority for this cooperation.
The Gas Exporting Countries Forum is working with its members to increase their share of the liquefied natural gas market, which is estimated at around 47%. This could strengthen the strategic position of member countries in the global gas market and help improve the economic situation of these countries.
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