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Iran, Russia finalizing oil deal

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Staff writer ▼ | April 4, 2014
Iran RussiaIran and Russia are in final stages of concluding a 20-bilion-dollar oil deal according to which Moscow can purchase 500,000 barrels of crude per day from Iran, media reports said.


"We are waiting for agreement by both sides on the price of oil," Reuters quoted a Russian informed source as saying. The source noted that the value of contract will reach $20 billion and the oil consignment will be delivered in several stages.

Iran-Russia trade currently totals $5 billion a year, but economists say they can at least quadruple the volume of their trade exchanges.

Last month, Iranian Oil Minister Bijan Namdar Zanganeh announced that Tehran and Moscow are due to finalize an agreement on broader economic and trade cooperation.

"The memorandum of understanding (MoU) for the broadening Tehran-Moscow cooperation will be finalized early next Iranian calendar year," Zanganeh said.

The Iranian oil minister underlined that Iran is determined to raise the volume of its "economic transactions" with Russia within the framework of long-term deals.

"The government of the Islamic Republic of Iran is seriously determined to broaden its cooperation with Russia in the technical and technological sectors for the bilateral procurement of commodities and services," Zanganeh said.

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