Iran says finalises talks with Russia on gas purchase, swap

Tehran, Aug 25 The Iranian oil minister has said that the country has finalised talks with Russia on gas purchase and swap, according to the Oil Ministry's news service Shana.

The contract will soon be signed in Moscow, Javad Owji said following a meeting with Igor Levitin, the visiting Russian president's senior aide, Xinhua news agency reported.

Iran currently has a contract with Russia for the development of seven oil and gas fields, Owji added.

Iran and Russia are negotiating a Memoranda of Understanding (MoU) for developing another 14 Iranian oil and gas fields, he said.

The two countries' joint economic commission will hold a meeting in Moscow to continue their discussions on the expansion of cooperation in the energy, transport, trade and sports sectors in two months, according to the Iranian minister.

In July, Tehran and Moscow signed an MoU, according to which Russia agreed to invest $40 billion in Iran's petroleum industry.

The highlights of the MoU included the development of Iran's Kish and North Pars gas fields and six oil fields, completion of LNG projects, swap of gas and petroleum products, and construction of gas transfer pipelines, according to the report.