Russian oil firms may sign deals with Iran by March 21st which would enable them to work on Iranian oilfields, said Alexander Novak, Russia’s Energy Minister, according to Reuters.

Iran is willing to sell crude oil to Russia but this may change depending on the future agreements with the oil buyers, Novak pointed out, according to the Iran Project.

Russia’s Zarubezhneft Oil Company had signed a Memorandum of Understanding (MoU) with the Iranian Industrial Development and Renovation Organization (IDRO) for the development of the Susangerd Oil Field, according to the Islamic Republic News Agency (IRNA).

The MoU allows for the creation of a joint task force between the IDRO and Zarubezhneft. Any final agreement that arises from current negotiations will result in the two firms working with the Iran National Oil Company to sign a development agreement, Persia Digest reported.