Iran plans to build a pipeline to import Russian natural gas with a capacity of 110 billion cubic meters (bcm), Iranian Ambassador to Russia Kazem Jalali said on November 7, according to Iranian news website Al-Alam.

Jalali provided details of the project, which were discussed during a recent meeting between Major General Mohsen Rezaei and Russian President Vladimir Putin.

He said the initial phase of the project would have a capacity of 55 bcm, adding that it was expected to be completed within two to three years.

Jalali noted that the general principles of the strategic project had been approved during a trilateral meeting between the presidents of Iran, Russia, and Azerbaijan.

He added that finalizing the gas pricing formula between the National Iranian Gas Company and its Russian counterpart, following Rezaei’s talks with Putin, was the last remaining step before the contracts could be implemented.

In the short term, Iran plans to use existing pipelines, although bringing them into operation would require rehabilitation work and trilateral cooperation between Iran, Russia, and Azerbaijan, Jalali said.

He added that a gas-swap arrangement, under which Russia would supply gas to northern Azerbaijan in exchange for equivalent volumes being delivered to Iran from southern Azerbaijan, was being discussed as the fastest viable option.