Energy ministers of Iran, Russia discuss trade, investment relation
Iranian Energy Minister Reza Ardakanian discussed trade ties and investment cooperation with his Russian counterpart Alexander Novak in a phone conversation on Friday, Reuters reported, citing Russia’s energy ministry.
According to the ministry report, the two ministers who are the chairs of the two countries’ joint economic committee, discussed cooperation in the energy, agricultural and transport sectors.
“In this conversation, agreements were also reached on the purchase of some basic goods by Iran from Russia,” the Iranian Energy Ministry portal (Paven) said in a statement.
The ministry report gave no further details about the purchases.
Earlier in May, traders and Iranian officials said Iran was scrambling to buy millions of tons of wheat, corn, and soybeans to shore up its reserves.
Back in February, Russian Deputy Foreign Minister Igor Morgulov said that the trade turnover between Iran and Russia was following an upward trend in the past two years despite the challenging external conditions.
"Despite the challenging external conditions, the Russian-Iranian trade turnover is rising. It increased to $2 billion last year," he said.
Mentioning the preferential trade agreement between Iran and the Eurasian Economic Union (EAEU), Morgulov expressed hope that the agreement would facilitate the trade between the two sides and give an extra impetus to the expansion of ties.
According to the official data, trade turnover between Russia and Iran amounted to $1.74 billion in 2018 and $1.589 billion in the period between January-September 2019.
Also in late December 2019, Moscow's commercial representative in Tehran, Rustam Zhiganshin had announced that more than 50 percent of Iran and Russia’s total bilateral trade was being conducted through national currencies.
"If in 2018 payments in national currencies comprised 40 percent [of the two countries’ trade], in 2019 this quota has already exceeded 50 percent," Zhiganshin told sputnik.
Russia’s exports to Iran include machinery, steel, wagons, wood, vegetable oil, corn, barley, red meat, and other goods, while its imports from the Islamic Republic are mostly dairy products, vegetables, and fruits.
source: TehranTimes
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Resolute Mining says it will pay Mali $160 million in tax dispute
Trump chooses oil fracking boss as energy secretary
Gold loses some luster after Trump’s decisive win
