Russian Energy Minister Alexander Novak announced that Russia’s construction of two more nuclear power units in Bushehr in southwest Iran will cost about $11 b, reported Press TV.

He said Iran and Russia were planning to implement joint projects worth between $35 b and $40 b.

Rosatom is set to build the new 1,000-megawatt power units in Bushehr under a deal signed with the Atomic Energy Organization of Iran in November 2014.

Novak made these remarks in Moscow following a two-day visit to Tehran with representatives of 50 Russian companies.

According to Gulf News Novak also announced that Gazprom has offered gas supplies to Iran under a swap arrangement.

Similar oil deals were also under consideration, he said.

Novak explained that Iran normally supplies gas to its northern regions from the south of the country and the proposed swap deals would help to cut its transportation costs.

“We could supply gas through to Iran’s north and receive gas from the south [of Iran] via swap deals in the form of liquefied natural gas or pipeline gas,” Novak told Russian state-run TV Rossiya-24.

“Similar swaps could be done with oil.

This is a reduction of transportation costs. Our colleagues have given a positive response to the idea,” he added.