Construction

Russia confirms $5bn loan to Iran for joint projects

Russian Energy Minister to visit Iran to discuss cooperation

PHOTO: Vladimir Putin, the Russian President, said that Moscow and Tehran intended to intensify industrial cooperation. Credit: Shutterstock

Russia has confirmed plans for a $5 billion loan to Iran for joint projects in the Islamic republic, according to a statement by Moscow’s energy ministry representative.

Alexander Novak, the Russian Energy Minister, said he plans to visit Iran in the near future to discuss ways to boost trade cooperation on joint projects, particularly in fuel production plants.

He added that the $5 billion loan was a reaffirmation of Moscow’s willingness to provide support to promising projects in Iran.

“I am planning to visit Tehran in the near future in order to discuss our projects, the development of trade and economic cooperation, trade turnover and in fact in all areas,” he said in a report by the Islamic Republic News Agency (IRNA).

Novak did not clarify whether the talks would take place within the framework of the Russian-Iranian Business Council or other frameworks.

“We are now discussing the dates for holding a relevant intergovernmental commission meeting. It will take place in Iran this year, most likely in Tehran. The date has not been determined,” he said.

Following talks with Iran three months ago, Vladimir Putin, the Russian President, said that Moscow and Tehran intended to intensify industrial cooperation, which includes 35 selected “priority projects” in areas including energy, construction, marine terminals and railway electrification.

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