'Russia ready to invest $10bn in Iran oil sector: MinisterTEHRAN (NIOC) _ Iran’s Minister of Energy Reza Ardakanian says Russia would be ready to invest up to $10 billion in Iran’s oil industry despite American sanctions that have hampered Tehran’s efforts to involve foreigners in energy projects.
Reza Ardakanian, who was in Moscow for talks with Russian officials, said on Tuesday that negotiations on Russia’s involvement in Iran’s oil projects would begin soon.
“These negotiations will begin in the near future and we hope we could attain good results in this regard,” Ardakanian said.
The minister would not elaborate on further details of the Russian plan for growing energy cooperation with Iran. However, he made the remarks after a Monday meeting with Russian counterpart Alexander Novak, where the two had discussed the development of joint energy investment projects.