The National Iranian Oil Company (NIOC) CEO said the deal with Gazprom is one of the largest foreign direct investment memorandum of understanding (MOU) in the history of Iran’s oil industry.

In an online ceremony, NIOC CEO Mohsen Khojastehmehr and Gazprom Deputy Chairman Vitaly Markelov signed the MoU, which is worth approximately $40 billion.

According to Mohsen Khojastehmehr, Iran and Russia are both keen to enhance their strategic relations, adding that President Ebrahim Raisi emphasizes economic relations and investment in oil and gas fields, which Javad Owji, Iran’s Minister of Petroleum, fully supports.

During his recent trip to St. Petersburg, the Deputy Minister of Petroleum met with the senior executives of Gazprom and said: “In accordance with the order of Vladimir Putin, the President of Russia, the senior Gazprom executives attended Tehran last week and we had constructive talks.”

The MoU’s most significant highlights include the development of the Kish and North Pars gas fields, pressure improvement of the South Pars field, development of six oil fields, gas and product swaps, completion of LNG projects, building gas export pipelines, as well as other areas scientific and technological cooperation.

With the support of Iranian President Ebrahim Raisi and Russian President Vladimir Putin, relations between Iran and Russia under the 13th administration have been put on a new course, and the two nations wish to strengthen their ties on both economic and political levels.