Russian Energy Minister Alexander Novak announced that Russia and Iran will implement joint mid-term projects worth between $35 b and $40 b, reported California Daily News.

“In my view from all of the agreements and discussions Thursday, we have moved on to some sort of a list of projects,” Novak was quoted as saying by Russian news agencies.

The Iranian side also submitted a list of 21 projects, including development of transport logistics worth around $25 b, he also said.

Press TV adds that Russia’s state-owned energy giant Zarubezhneft will take up several projects worth a total of $6 b in Iran’s oil industry.

Zarubezhneft represents Russian state interests in overseas oil projects and has been trying to enter Iran’s upstream projects sector for quite some time.

Zarubezhneft’s biggest project to date is in Vietnam, where it has run the Vietsovpetro joint venture with state firm Petrovietnam since 1981.

Novak visited Tehran for two days between Wednesday and Thursday along with officials from 50 Russian companies that are active in oil, natural gas, petrochemicals, power plants and railway sectors.

He made these announcements promptly upon returning to Russia.