• 2 days Nuclear Bomb = Nuclear War: Saudi Arabia Will Develop Nuclear Bomb If Iran Does
  • 1 day Statoil Changes Name
  • 2 days Tillerson just sacked ... how will market react?
  • 1 day Russian hackers targeted American energy grid
  • 22 hours Is $71 As Good As It Gets For Oil Bulls This Year?
  • 2 days Petrobras Narrows 2017 Loss, Net Debt Falls Below $85bn
  • 2 days Proton battery-alternative for lithium?
  • 2 days Ford Recalls 1.38 Million Vehicles (North America) For Loose Steering Wheel Bolt
  • 22 hours Oil Boom Will Help Ghana To Be One Of The Fastest Growing¨Economies By 2018!
  • 1 day Country With Biggest Oil Reserves Biggest Threat to World Economy
  • 2 days I vote for Exxon
  • 23 hours HAPPY RIG COUNT DAY!!
  • 2 days UK vs. Russia - Britain Expels 23 Russian Diplomats Over Chemical Attack On Ex-Spy.
  • 2 days Why is gold soooo boring?
  • 2 days South Korea Would Suspend Five Coal - Fire Power Plants.
  • 22 hours Spotify to file $1 billion IPO
Is It Time To Abandon Oil Stocks?

Is It Time To Abandon Oil Stocks?

It has been a wild…

Alberta Ready To Fight For Trans Mountain Oil Pipeline

Alberta Ready To Fight For Trans Mountain Oil Pipeline

The Alberta parliament has voted…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Russia Signs 100,000 bpd Oil Contract With Iran

Oil refinery

Russia has agreed to purchase 100,000 barrels of oil a day from Iran in exchange for cash and goods and services, according to a new report by the Iranian Students News Agency.

The setup is set to begin within the next 15 days, the ISNA said.

The two countries also have a standing contract to build a 1.4 gigawatt thermal power plant in the southern city of Bandar Abbas. Sputnik News reported that construction at the site began on Monday during an opening ceremony with Russian Energy Minister Alexander Novak in attendance.

The project is led by the Russian firm Technopromexport, which finalized the deal with an Iranian holding company. The company is providing US$1.26 billion (1.2 billion euros) worth of funding to make the power plant a reality.

After Tehran saw severe international sanctions removed in January 2016, Iran and Russia have allied in several energy, industrial and infrastructure projects. In July, Russia and Iran signed a strategic five-year plan that focused on energy, construction, and trade.

In accordance with the plan, Iran has been giving Russia a priority position for investment: a $1 billion offshore rig contract was awarded to a Russian firm, and the construction of a new transport rail system called the North-South Transport Corridor (N.S.T.C.) connecting India, Iran, and Russia via Azerbaijan is also to be co-financed by Russia.

But competition between Tehran and Moscow in oil markets has been strong as well. Last August, reports spread that Poland had been plotting to replace Iran with Russia as its main fuel source, though traders had noted at the time that a shipment of two million barrels of Iranian crude was heading to the Polish port of Gdansk.

This month, for the first time in Belarus’ history, Minsk signed a contract with Iran to supply oil – a commodity Russia had been withholding from its former Soviet Republic due to a row regarding fuel prices.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News