Tehran and Moscow are close to signing an agreement for the export of 100,000 barrels per day of Iranian oil to Russia, Oil Minister Bijan Namdar Zanganeh said on Tuesday.
"The two sides will seal an agreement on oil export to Russia within two weeks," Zanganeh said on the sidelines of a meeting with Russian Energy Minister Alexander Novak on Tuesday, Shana reported.
Novak traveled to Tehran on Monday with a delegation for breaking ground on a 1,400 megawatt thermal power plant to be built in the southern city of Sirik, Hormozgan Province, with Russian assistance.
"Russia will pay for 50% of its future oil imports from Iran in cash and the rest will be paid in kind," Zanganeh said without giving details.
Russian companies have signed memoranda of understanding with Iranian companies, he said, adding that bilateral negotiations on oil and gas contracts are at an advanced stage and Iran is waiting for proposals on contracts from Russian companies, Financial Tribune reports.
“We were ready to sign the contract tonight but our Russian counterpart was in a hurry and had to leave,” Zanganeh said.
