Iranian Deputy Oil Minister for International Affairs and Trading, Amir-Hossein Zamaninia, said that oil and gas investment capacity between Iran and Russia could reach $10b.  addressing the first Iran-Russia Joint Energy Committee meeting Zamaninia noted the economic relations between the two countries doesn’t match the political relations and the two sides should take necessary measures to fill the gap, according to Tehran Times.

This comes as Russia’s Gazprom Neft and National Iranian Oil Company (NIOC) signed a memorandum of understanding (MoU) mid December for feasibility studies on development of two oil fields, Reuters reported. Gazprom will study both Changouleh and Cheshmeh-Khosh oil fields in Western Iran.

The first Iran-Russia Joint Energy Committee meeting was attended by representatives of giant Russian oil and gas companies like Gazprom, Rosneft, Zarubezhneft and Lukoil, in the presence of Russian Deputy Minister of Energy Molodtsov Kirill, who co-chaired the meeting.

Kirill stated: “Russian companies have great potential in developing Iran’s oilfields.” He added: “The great volume of oil production in Russia (more than 10mb/d) is an indication of the country’s high-technology in this sphere.”