Iran’s National Oil Company and Russia’s Gazprom sign $40 BILLION deal

Iran's National Oil Company and Russia's Gazprom sign $40 BILLION deal Credit: rarrarorro/

The latest strategic agreement between the Iran’s National Oil Company and Russia’s Gazprom was signed on Tuesday, July 19.

Russia’s state-owned energy company Gazprom has signed a deal with Iran’s National Oil Company, under which some of Moscow’s largest companies will be investing  $40 billion in the Iranian oil industry, as reported by TIO.

The deal is reportedly the largest investment ever by a foreign country in Iran.

The strategic agreement between the National Iranian Oil Company (NIOC) and Gazprom “is the biggest investment in the history of Iran’s oil industry and includes investment in the development of the North Pars gas field and six oil fields,” Mohsen Khojasteh Mehr, the head of NIOC stated.

He also insisted that Iran’s capital of Tehran needed at least $160 billion, to increase oil and gas production.

The news of Iran’s National Oil Company and Russia’s Gazprom’s latest deal follows the EU’s plans to use Azerbaijan as a gas delivery alternative to Russia.

The EU and Azerbaijan latest gas plans as an alternative to Russia were discussed by Commission President Ursula von der Leyen and Energy Commissioner Kadri Simson who met in Baku with President Ilham Aliyev and Azerbaijani Energy Minister Parviz Shahbazozov.

President von der Leyen and President Aliyev then signed a new Memorandum of Understanding on a Strategic Partnership in the field of Energy.

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Written by

Joshua Manning

Originally from the UK, Joshua is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at