6/26/2024–|Last updated: 6/26/202408:31 PM (Mecca time)
Russian energy giant Gazprom said on Wednesday that it had signed a memorandum with the National Iranian Gas Company to provide Russian gas supplies to Iran.
The details of the memorandum that was signed during the visit of Gazprom Chairman Alexei Miller to Iran were not revealed at a ceremony attended by interim Iranian President Mohammad Mokhber.
Iran has the second largest gas reserves in the world after Russia, and Moscow has long sought to benefit from its natural gas business. US sanctions have hindered Iran’s access to the necessary technology and slowed the promotion of its gas exports.
Gas supplies to Europe
Gazprom’s gas supplies to Europe, which once provided two-thirds of its gas sales revenues, have fallen to their lowest levels due to the conflict in Ukraine.
Last year, the company incurred losses amounting to about $7 billion, its first annual loss since 1999.
In July 2022, Gazprom signed a memorandum on cooperation in the energy sector with the National Iranian Gas Company worth about $40 billion, but no concrete deals came to light from that agreement.
Under the terms, Gazprom was supposed to help the Iranian company develop the Kish gas fields, the North Pars field and six oil fields, and participate in completing liquefied natural gas projects and building gas export pipelines.
