Putin backs gasoline pipeline to Iran – INA NEWS

Russian President Vladimir Putin has expressed help for the development of a gasoline pipeline to Iran which might ultimately provide as much as 55 billion cubic meters (bcm) of gasoline to the Islamic Republic yearly. Talking to reporters after talks with Iranian President Masoud Pezeshkian on Friday, Putin acknowledged challenges, however stated the venture is transferring ahead.

The pipeline venture is a part of a broader strategic settlement between Russia and Iran signed on Friday, in addition to a memorandum signed by Russian state gasoline main Gazprom and the Nationwide Iranian Gasoline Firm in June 2024 and geared toward facilitating Russian gasoline provides to the Islamic Republic.

“There are at all times difficulties in coordination and pricing, technical points… however the work is transferring ahead. The venture is in progress,” Putin stated, responding to a reporter’s query in regards to the pipeline.

“Relating to the volumes of potential provides, we consider that we have to begin with small volumes, as much as 2bcm, however in perspective it might attain a quantity of 55 bcm of gasoline per 12 months.”

In keeping with Russian Vitality Minister Sergey Tsivilev, the pipeline will run by way of Azerbaijan, with the route already mounted. Talking to reporters on Friday, he stated Moscow and Tehran are presently finalizing the main points, comparable to pricing for future provides.

“The volumes have already been authorized. However the worth is at all times a industrial subject, a seek for a compromise, so working teams have been created on either side, and specialists are growing an strategy to pricing,” he said.

Whereas Iran produces round 270 bcm of gasoline yearly and holds the world’s second-largest gasoline reserves after Russia, the nation faces a home power deficit attributable to excessive consumption and under-investment brought on partially by US sanctions. With a inhabitants of roughly 89 million, Iran has one of many world’s highest ranges of home gasoline utilization.

The gasoline pipeline venture will align with Tehran’s plans to determine a world gasoline hub in collaboration with Russia, Qatar, and Turkmenistan, introduced in 2023. Beneath the phrases of the memorandum with Gazprom, Iran will have the ability to resell the surplus imported gasoline to different nations, which is predicted to carry the Islamic Republic about $10-12 billion yearly.

On the press convention, Putin additionally highlighted potential collaboration with Iran within the power sphere past pure gasoline, mentioning “a potential space of cooperation within the oil sector” and a venture in nuclear power already underway.

Putin backs gasoline pipeline to Iran

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