BAKU, Azerbaijan, February 18. Iran is fully
prepared to attract foreign investment not only from Russia but
also from other countries, the country’s Deputy Minister of Oil for
Trade and International Affairs, Ali-Mohammad Mousavi, said this
today in Tehran on the sidelines of the 19th meeting of the
Iran-Russia Joint Economic Commission, Trend reports.
Mousavi noted that seven oil fields have already been handed
over to Russian companies, and operations are currently underway
within the framework of development projects for these fields.
He added that Iran and Russia have signed memoranda (MoUs) worth
$40 billion, and discussions are ongoing to convert these MoUs into
formal contracts. The projects under the MoUs are advancing in
phases, with some still at the signing stage, and they are expected
to yield results in the coming Iranian year (from March 21, 2026,
through March 20, 2027).
“Iran is also cooperating with regional countries and energy
producers. It maintains close collaboration with OPEC, OPEC+, and
gas-exporting nations. This cooperation is mutually beneficial and
strategic for all parties,” he said.
Currently, around 6% of Iran’s crude oil production is operated
by Russian companies, with expectations for this share to rise to
12% in the future. Under four jointly signed contracts between
Iranian and Russian firms, seven oil fields are being
developed.
