Iran boosts economic cooperation with Russia

August 11, 2014 12:12 am

Iranians Oil Minister Bijan Namdar Zanganeh signed in Moscow a five-year memorandum of understanding with Russian Energy Minister Alexander Novak, to expand trade and economic cooperation, Tehran Times reported. Novak and Zanganeh are the co-chairmen of the intergovernmental commission on trade and economic cooperation. The agreement provides for closer cooperation in a number of areas, including in the construction and overhaul of generating facilities, the development of electric grid infrastructure, in the oil and gas sector, and in the area of trade in machinery, equipment, consumer goods, and farming products. The Russian-Iranian standing intergovernmental commission is expected to have its next regular meeting in Tehran on September 9 to 10 to look at concrete steps to implement trade expansion plans the two countries have.