The memorandum of understanding (MOU) was signed between the National Iranian Gas Company and Gazprom. Credit: Stas Knop/Shutterstock.

Russia and Iran have entered into an MOU regarding the transfer of natural gas from Russia to Iran. 

This agreement was signed between the National Iranian Gas Company and Gazprom. It sets the stage for Iran to import Russian gas and subsequently export it to neighbouring countries. 

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The MOU was formalised in Tehran, in the presence of Iran’s Interim President, Mohammad Mokhber, and Gazprom CEO Alexei Miller.  

According to the MOU, Iran will buy gas from Russia and then sell it to Iraq, Türkiye and Pakistan at a higher price, Xinhua reported, citing official Iranian news. 

Mokhber highlighted the strategic significance of the deal, stating that the MOU for the supply of gas is key for both nations and the region.  

He added that the agreement sends a strong message to the world and marks the commencement of a collaborative path in gas cooperation between Iran and Russia. 

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Iran, which possesses the world’s second-largest gas reserves after Russia, has been a target for Moscow’s energy sector ambitions.  

However, US sanctions have impeded Iran’s ability to fully exploit its gas reserves and hindered technological access. 

Gazprom, which has experienced a significant decline in its European gas sales due to the conflict in Ukraine, reported nearly $7bn (Rbs597.12bn) in losses last year, its first annual loss since 1999.  

The Russian energy giant had previously signed an MOU with the National Iranian Oil Company in July 2022, valued at approximately $40bn, but no definitive agreements have resulted thus far.  

Under that agreement, Gazprom was to assist in developing oil and gas fields in Iran and engage in liquefied natural gas projects and pipeline construction.