Russia Interested in Gas Storage Projects in Iran

Russia is interested in implementing gas storage projects in Iran, said Hamid-Reza Araqi, the managing director of the National Iranian Gas Company (NIGC).

“We have suggested them to participate in gas storage projects in Iran and implement the full chain of storage (exploration and storage),” IRNA quoted Mr. Araqi as saying on November 27.

“Negotiations have been made with Russia, but we have signed no deal yet,” he added. “Russia will buy gas from us in summer and will store it. We will buy the gas from them in winter.”

Russia has also put in requests for participating in the establishment of gas pipelines, he said, adding that Russia’s Gazprom has signed a memorandum of understanding, based on which it will cooperate with Iran in different fields of the gas industry.

Russia’s Energy Minister Alexander Novak said on November 2 that Russia’s state-owned energy giant Zarubezhneft would take up several projects worth a total of $6 billion in Iran’s oil industry.

He said Tehran and Moscow had devised a package of projects that are collectively worth $35 billion to $40 billion.