RusEnergy

February 18, 2009 - MOSCOW (RIA Novosti) - The Islamic Republic of Iran is ready to expand cooperation with Russia in the oil and gas sphere on mutually beneficial terms, Iranian Foreign Minister Manuchehr Mottaki has said in an interview with RIA Novosti. “Iran, in principle, welcomes the expansion of cooperation with other producers of oil and gas, including with Russian companies,” Mottaki said, He noted that bilateral cooperation between Iran and Russia as its neighboring country were developing “on the basis of the signed documents and taking into account long-term prospects”. “Cooperation with Russian companies will continue on the basis of existing opportunities, on mutually beneficial terms and within the framework of cooperation between two countries,” the Iranian foreign minister said. Iran’s proven reserves of natural gas amount to over 27,800bn cubic meters (second place in the world after Russia). In 2007 the production of natural gas in Iran amounted to 111,9bn cubic meters. Russia’s Gazprom has been participating since 1997 in the development and production of the second and third stages of the South Pars field. In July 2008 Gazprom and the National Iranian Oil Company signed a memorandum on mutual understanding.