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Iran Delivered the First Shipment of Oil to Russia
December 2, 2017 15:27


In November, Iran delivered the first shipment of oil to Russia as part of the oil-for-goods program. This was stated by the Minister of Energy Alexander Novak. One tanker arrived in Russia; no new sales are planned for 2017.

It is expected that in 2018 Russia will purchase from Iran about 5 million tons within the program. Procurement will be carried out through Promsyrieimport.

The Memorandum of Understanding between Russia and Iran was signed in 2014. It assumes the implementation of a number of business projects for 70 billion dollars. It also includes the oil-for-goods program.

Initially, it was assumed that Tehran would sell up to 100,000 barrels per day to Moscow. A similar scheme was applied to Iraq by the United Nations Organization until 2003. It allowed the country to exchange oil for food, medicine and essential goods, while not receiving foreign exchange earnings, which could be used to purchase the weapons.


Author: Anna Dorozhkina

Tags: Russian oil and gas industry     

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