Iran Signs $40 Billion Agreement with Gazprom

Iran's Minister of Oil Javad Owji stated on Wednesday that the Islamic Republic has signed a $40 billion agreement with Gazprom, one of the world's largest companies.

During a government meeting, Owji mentioned that the exchange of petroleum products has already begun, expressing hope that the gas exchange agreement will be fulfilled this winter.

According to the minister, Iran and Russia have also signed a memorandum of understanding worth $4 billion for the development of mineral resources. He added that it is a mistake for Iran to lack liquefied gas, despite having almost 34 billion cubic meters of reserves.