Russia and Iran consider bank to finance joint projects

Russian Energy Minister Aleksandr Novak is in Iran to discuss energy cooperation. Among the proposals is setting up of a bank to boost joint projects.

"One of the most important issues that have a negative impact on the development of our trade relations [with Iran] is the financial issue. Today, we paid attention to this, and also discussed a number of proposals to ensure that our joint projects will be financed properly," said Novak, adding the bank was among the proposals.

"Iran is an important and large trading partner, we are now at a new stage, a new level of development of our relations,” he added.

Novak’s two-day visit to Tehran will include talks with Iranian Oil Minister Bijan Namdar Zanganeh, Energy Minister Hamid Chitchian and a number of other ministers and heads of departments. The final goal is to boost trade from $2 billion to $10 billion.

“In the meeting between Iranian and Russian ministers, both sides usually negotiate on OPEC and Non-OPEC cooperation as well as the international oil market,” Deputy Petroleum Minister for Commerce and International Affairs Amir-Hossein Zamaninia told Iran's oil ministry news agency Shana.

“The directors of 10 major firms accompany the Russian energy minister. Russians know how to do business in Iran and we hope the visit will bear positive results,” he added.