Iran Hails Russian Federation For 'Bolstering Stability And Security' In Middle East

According to reports, during his stay in Tehran, the Russian energy minister is expected to discuss Iran-Russia cooperation in the energy sector as well as the global oil prices and cooperation between OPEC and non-OPEC countries.

The two also agreed for Iran to join the Eurasian Development Bank, the CBI announced in a statement.

"Iran is an important and large trading partner, we are now at a new stage, a new level of development of our relations", he added.

The Russian minister, along with a 50-member delegation, is in Tehran to discuss, among other things, the expansion of mutual cooperation between the countries in the oil industry.

"The Russian side is considering an Iranian bid for a loan of $5 billion for the construction of Russian companies, infrastructure, transport facilities, and other exploration projects, " the representative said.

A key project, which the Iranian minister said Russian Federation would be tipped to develop, concerns the establishment of an electric train service to connect the north to a key city east of capital Tehran through a total investment of $1.2 billion.

Based on swap mechanism, the Islamic Republic would receive natural gas, oil and oil products from Russian Federation through its northern ports and would sell equivalent volumes of the same products to Russia's clients through its southern terminals.