Russia-Iran Bilateral Trade Can Reach $10Bln in Near Future

© Sputnik / Vladimir Fedorenko / Go to the mediabankMinister of Energy Alexander Novak
Minister of Energy Alexander Novak - Sputnik International
Bilateral trade between Russia and Iran could reach some $10 billion annually in the short-term, compared to just $1.6 billion in 2014, Russian Energy Minister Alexander Novak said Thursday.

MOSCOW (Sputnik) – The Russian-Iranian Commission is holding a range of meetings in Moscow on November 10-12 to discuss investments in joint projects.

“Last year our trade totaled only $1.6 billion, although in 2012 it was around $3.5 billion. We understand the reasons that have influenced the reduction in our bilateral trade. I think, in the near future, we can reach $10 billion,” Novak said at a briefing, following a meeting of the Russian-Iranian Commission on Trade and Economic Cooperation.

In July, Iran and the P5+1 countries, comprising the United States, Russia, the United Kingdom, France, China, and Germany, signed an agreement to guarantee the peaceful nature of Iran’s nuclear program in exchange for lifting economic sanctions against Tehran.

In August, Iranian Foreign Minister Mohammad Javad Zarif said that sanctions relief would remove trade and economic barriers between Russia and Iran.

Power Plants in Iran With 5GW Capacity

Russian companies will participate in construction of electric power plants in Iran with a total capacity of five gigawatts (GW), Alexander Novak said.

"Iran is planning to build in the near future energy generation facilities with total capacity of 5,000 MW, as well as to modernize the existing power plants," Novak said in an interview with Rossiya-24 television.

"Our companies, as professional players on the energy market have the opportunity to take part in construction and modernization of these power plants," Novak said adding that respective contracts (between Russia and Iran) are at the final stages of preparation.

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